The answer is no, Bitcoin won't face any such consequences due to the approval of ETF. It is true that Bitcoin ETF will be more centralized than what we have experienced from BTC so far. But, that would be only beneficial for BTC in the long run since ETF will be backed up by BTC and it due to its centralized nature, big investors will be interest in BTC because there will be no chance of facing scams our unfair activities.