Yes! It is pretty much expected that this will go back and forth between ETF ops and regulators a few times at least. This is why 6-18 month time scale, not something more specific.
Yes. Of course it is bullish for Bitcoin for a number of reasons, such as:
1. "Early adopters" will be (most likely) able to loan their bitcoins to the trust ops and the thrust ops will want/need this.
2. Significant amount of bitcoins will be held by the trust and as such be removed from circulation.
3. Bitcoin investments will become available to anyone with a brokerage account, all within familiar paradigm/ui.
4. Eventually, the next step would be having proper options traded on bitcoin by making this trust optionable and as such Bitcoin will become optionable. This in turn will enable a variety of new business models that require currency exchange risk mitigation, for example, portfolio loans (you own bitcoin, want to buy a house, instead of selling bitcoin and paying capital gains taxes and/or taking a mortgage you can simply give your Bitcoins as collateral to a portfolio loan company and get "portfolio loan").
oh my god if i can retire at the age of 21-22.... thank you based god. I promise I'll spread the good word of the Based.