I do not know or fully understand how CBOE's ETF is going to work. But if it is going to be one of the players in the current crypto market, then it is not possible to avoid market manipulation. CBOE can be crystal clear but they are going to use "market" BTC price anyway and that is where the manipulation exists.
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You nailed it, the problem is the underlying spot market which is simply too easy to manipulate and need more liquidity... so in a way the ETF is a bit of a chicken and egg problem.