this is kind of a big deal for BTC but is an absolutely giga-huge deal for ETH basically all ETH in ETFs will be redeemable for real ETH which you can use onchain without any change to cost basis or the need to sell

many have noted that this will only apply to “authorized participants” meaning the big boys will be able to do this what i’m hoping is they will be able to batch those conversion orders for their retail clients sooner rather than later but we could be years from that point until then, there is no replacement for spot ETH