When i think about ETF, i think more investment will come. It is good for bitcoin and also alts. But how if it will become like late 2017? when majority crypto users are traders and investors who expect moon and lambo. And cryptocurrency become speculative things rather than digital currency.
Now we see the result. Crypto market hard to recover because no one want to buy, we only hold and waiting whales or random person to start a bull run or "institutional money" to come in.
Same person who buy and sell.
I think we might see different result if cryptocurrency have wide adoption/real usage as digital currency, because that will bring continuous real demand. and market recovery wouldn't be too hard
Of course mass adoption is more important than ETF. I think ETF case just only created the manipulation of the market.
If adoption of cryptocurrency occurred now, there will be many peoples using crypto and the demands will rise. Resulting the price will rise too.