First of all

Having the SEC approve a Bitcoin spot instrument is a huge success for Bitcoin's brand

However, will demand for Bitcoin Spot ETFs/ETPs reflect on Bitcoin's value in the cryptocurrency market?

How can we prove that Bitcoin purchased on an ETF, thus resulting in the creation of a "trust unit", reflects the purchase of real Bitcoin?

I have done some reading that tells us that none of the applicants have done any work to come up with a transparent way to prove the underlying asset. My logic says, how can we trust ETFs and the institutions behind them to reflect demand for ETFs in the real Bitcoin market?

How will ETFs effect the economics of Bitcoin and existing Bitcoin markets?

Please do not discuss how Spot ETFs will be good for Bitcoin demand/adoption as this may not be true, dependent on the intellectual discussion in this topic