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
Both are important but the money needs to come first, to me this is simple if you see a prediction that the next day is going to rain you take with you an umbrella to work, this is the same, we know that bitcoin will become huge so at first investors will put their money here before that happens, and then years or even decades later the adoption will come, something similar happened with the internet and almost every industry in the past.