take a look at greyscale which filed a ETF YEARS ago
they are owned by a company called DCG which also paid a LARGE multimillion sum to "blockstream" which is a bitcoin core founder team of devs.
then look at the changes to bitcoin directly done by the blockstream devs and how those same blockstream devs now control things like LN (the subnetwork promoted as being the sole solution to bitcoin usage) and how blockstream also control alot of the LN nodes and a large amount of bitcoin nodes and bitcoin DNS seed service nodes
https://dcg.co/portfolioits also worth noting many of the bitcoin drama events of 2015+
such as the gavin andresen/jgarzic alternate route for bitcoin (bloq) and the NYA agreement push which pretended to be an option but was just a bait and switch to just change bitcoin into the path blockstream(via DCG demands) wanted
when you notice the NYA agreement was headed up by DCG and bloq is part of the DCG portfolio alongside blockstream you start to see all options are actually just one option which is the business idea's of DCG, which will benefit the grayscale ETF
as for users buying ETF shares. this introduces new industry of investors that only order investments through the old fashioned stocks/shares market. which will only put money into ETF shares not the bitcoin spot markets.. when share allotment(baskets) fill the ETF custodians then would buy lumps of bitcoin privately on OTC(darkpool) markets not the public spot markets.
the only time that there will be a significant spot market push is when one ETF gets granted permission to operate. because all other proposed filings will see the opportunity to clone the accepted filing word for word for speedy acceptance. and so they would all then rush to buy many baskets(allotments) of bitcoin on the OTC markets at the same time which will indirectly cause some pressure on the supply of spot markets which rush to move coin to dark pool markets to fill the otc demands