I had never, ever understood the ETFs, derivatives, stocks and anything else in Bitcoin. I'm not mocking anything, I sincerely never understood why would someone need something like that.
I totally agree. Bitcoin ETF and CFTC will mess up bitcoin the same way gold ETF messed up gold.
There is NOT enough gold behind gold ETF, options, futures, swaps, etc, etc. Most of it is just paper as in everything else.
As soon as bitcoin is financialized, its long term future will dim.
That does not mean that beforehand there will not be a final "financial bubble" in bitcoin to 5000-10000.