According to Eric Balchunas, recent changes regarding IBIT ETF redemption are designed exclusively for authorized participants (APs), primarily large institutions that handle creation and redemption. This update does not allow retail investors to exchange IBIT shares for actual bitcoin, although a retail-accessible ETF with such features may launch in the future, similar to the $OUNZ gold ETF. The change is considered a technical adjustment to improve operational efficiency for institutions and has minimal immediate impact on retail traders. Source: Eric Balchunas.