To tell you the truth, I personally am more skeptical that this ETF will give as much to Bitcoin as it did to gold. Gold is hard to buy, hard to sell, each transaction carries the risk of fraud (fake gold), requires a physical transfer to the mint/store and has a huge spread. Gold ETF solved all these problems and made it possible for you to buy physical gold in 2 clicks from home. The same cannot be said for bitcoin, because bitcoin is like gold with build in ETF. It's easy to buy, easy to sell, divisible to cents. And it's not like the ETF will open doors to big institutions either. Microstrategy didn't need an ETF to buy nearly 1% of all bitcoins.
Your words sound reasonable, but bitcoin also has its own characteristics. And it can be more convenient and easier for conservative investors to invest through a centralized system in a decentralized asset. To anyone with even the slightest understanding of what bitcoin is, this may sound absurd, but large conservative investors do not necessarily have a deep understanding of the nature of bitcoin, they may well be satisfied with the recommendations of analysts and guarantees of centralized funds.