Arthur Hayes has a valid point. However, there's no way that the spot ETF will lead to the demise of Bitcoin although most of the BTC ETF spot services filed by Fidelity, BlackRock, and others spot ETF service will treat BTC like a fungible token and will also make the institutional banks the major players but this will cause the demise of BTC. I just hope 95% of people in the crypto community won't sell their BTC to them.
I believe Arthur made the demise statement because the CEX will be hugely affected