In the end, ETFs are just standard investment products, not manna from heaven. Once people realize this, you will see a slow increase in demand and price action for Bitcoin, but not a surge of all-time highs. gold, if you check, it didn’t suddenly become a mainstream investment. It took many years. And I think the same goes for Bitcoin.
Nonetheless, the hype surrounding the ETF announcement shows how many people want a positive story that could push Bitcoin higher. This may be the more important point here than the actual impact of the ETF. Whatever the fundamentals, there is a huge demand for positive news in cryptocurrencies after the last 18 months of declines, crashes and scandals.