Arthur Hayes wrote interesting thoughts:
https://cryptohayes.medium.com/expression-f580605ebccd"As soon as the TradFi East Coast US baldies got their applications in, the Bitcoin ETF looked a lot more palatable to the US political establishment. Never fade the right kind of white boys in Pax Americana. I guess the Winklevoss twins should have shaved their heads and joined the New York Racquet Club.
Fundamentally, if ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin. This prediction is based on an important subtle yet profound difference between Bitcoin and every other monetary instrument humanity has ever used."