After all, ETFs are just standard investment products, not manna sent from heaven. Once people realize that, we might see a slow uptick in demand and price action for bitcoin, but not a flood of all-time-high milestones. Gold, if you check, didn’t suddenly become a mainstream investment; it took years. And, it’s likely to be the same with bitcoin.

Still, the hype around the ETF announcement shows how many people out there want a positive narrative to move bitcoin higher. That, rather than the actual impact of ETFs, may be the important point here. Whatever the fundamentals, there’s huge demand for positive news in crypto after the falls, crashes and scandals of the last 18 months.