According to Eric Balchunas, Bitcoin ETFs maintain a strict 1:1 ratio with BTC holdings, ensuring that every asset under management is directly tied to physically held bitcoin without any lending or paper IOUs. This transparent structure is seen as clean and reliable for traders. Additionally, Balchunas notes that Bitcoin prices have surged nearly 300% since the initial BlackRock ETF announcement, underlining the significant impact of institutional adoption on BTC market performance. Source: Eric Balchunas.