September 21, 2018
The main concern is market manipulation. Market manipulation through Digfinex/Bitfinex Tethers which have not been audited. At the moment, there is massive speculation that Bitfinex/Tether(as they are owned by the same entities) print unverified Tethers to artificially pump up the price of Bitcoin. There is no real price discovery as the price is artificially manipulated. The fake tethers are used to buy massive amounts on Bitfinex's own exchange and then sold for real USD.
The Bitcoin ETF will not be good for Bitcoin or protect consumers/investors as VanEck will be the custodian for a large amount of Bitcoin, making them:
1) vurnerable to hacking attacks and stealing Bitcoin (there are constant exchange hacks see this week)
2) they will have a large amount of influence on the development of Bitcoin as they will be able to vote on behalf of thousands or millions or people
3) as a custodian they can influence the price of Bitcoin using their own store of Bitcoin to dump/pump the price
ETF is a bad development for Bitcoin and consumers.