Why should this be any different?
That's the point, if there are tens of billions of dollars in the bitcoin world by these giant companies, then we shouldn't be shocked that ETF is not the only thing that matters. I am not saying that ETF would not mean anything, but do not consider that as the only thing that matters neither.
I believe that we are going to be fine and we shouldn't really be worried about it. I know that it hurt a lot of people to see ETF did not get accepted right away, but that's how it works and we should be accepting the reality instead of just moan about it. If we keep dwelling on it, then we are going to miss out, look at those big companies that put billions into bitcoin, they are not moaning and complaining, they are taking an action, so should we.
Even if ETFs were to matter, they would be among the most insignificant of anything that did. I think the proof keeps showing up in the various ETF puddings, no matter the flavour.
I really feel like too much was made out of them (along with their delays and repeated applications, which, for any other financial instrument is normal, regular, and doesn't raise eyebrows).