Bitcoin or Ether ETF.. Good or Bad?

So I recently learned there is actually an OTC instrument with ticker symbol 'GBTC' called Bitcoin Investment Trust that is traded on the OTC exchange and can be part of your roth IRA. It prompts me into thinking what implications a big scale instrument like an ETF would have in the crypto space.

Some questions to think about...

Would options on ETF be issued and perhaps futures contract as well?

Does this mean institutions in power with deep pockets and leverage would be able to create distortions in the crypto market in their favor?

Does it improve liquidity in these traded cryptocurrencies?

Good outweighs the bad or the other way around?

Any thoughts?