Looking at these facts, do you think the market will sustain such hype in long run? ETF should be considered as an optional addition to cryptospace, not an integral one!
Well to be fair, the market has been running on hype for the longest time now. People are stocking up because they know it's going to be very valuable in the future. An ETF could add to short-term hype, which may also jump start speculators again. I'm not saying it's good for the ecosystem or anything, but it may just be enough to get the market out of its funk.
You're absolutely correct about it not being necessary though. We may even be better off without them in the long run.