Yes, Bitcoin is experiencing price surge from adoption from big players and indirectly trading it's decentralized ethics. If the trend continues, it means that centralization is finally winning over decentralization which Bitcoin was designed for.
ETF are centralized and don't contribute to Bitcoin decentralized network. They only contribute to the prize surge and isn't a good idea for decentralized when acquiring bitcoin for yourself
I wouldn’t argue that bitcoin had more adoption with the arrival of top institutions coming but did it actually make the price to excessively surge up, I would say this is up for debate because bitcoin had move more up than in price during the periods of where there was no top institutions investing into it than now, the comparison in volatility from how the market pumped from the first 12 years are there. For now it’s all about the adoption it’s bring in, although many will say it is because of the market cap been huge now that’s why it doesn’t surge up like before.
As for decentralization I seriously see this ETF of a thing just like the centralized exchanges they are there for people who do not value decentralization but does that affects bitcoin as a whole I will say No because bitcoin is pseudonymous and can be used by any in anyway they deem fit. The only time I will worry about decentralization is when there is censorship in node running or miners censoring transactions.