The goal of Bitcoin ETF is to provide a product that investors can get more easily, and it can also restrain the fluctuation of Bitcoin to some extent. Although it still can't eliminate all risks of Bitcoin, this ETF will still be more risky than most other ETFs. The SEC is very cautious about such high-risk assets.
Although there are many "supporters" of bitcoin ETF or bitcoin supervision, the prospect of its success is not optimistic, because China's influence on bitcoin price cannot be underestimated.