... altcoins pump. Isn't that funny? Maybe people were expecting a "sell the news event".
This is a great event for the validation of cryptocurrency and likely for the short to medium-term price in the market, but it is also another serious step toward transforming the critical parts of cryptocurrency into appendices of Wall Street, banks, and various governments in the world.
From the alternative to an appendix, it's a big difference. And for this reason, it's also a sad moment in the history of cryptocurrency.
The one good thing that comes with these approvals that is rather fundamental, and not price-related is the validation that they represent, especially for big firms to invest in crypto (bitcoin, in particular), but also for a large part of the population who still think of them as a scam and need their government to tell them they are ok.
The problem is that most of them will not invest in bitcoin or crypto directly, but will use these ETFs, which will make them holders of some shares, while the fund manager (BlackRock, Grayscale, etc.) will hold the underlying asset (bitcoin, in this case). This is how the centralization of bitcoin begins.
What is sure is there will be plenty of money revolving around bitcoin and ethereum. From the development point of view, money is important. Is it worth giving up principles to have all the funds necessary for development? Some people think it is or they wouldn't be so happy about the approval of the Bitcoin Spot ETFs so much. Not sure what could have been done though. If Wall Street wanted to come, it's not like devs or bitcoin whales could have said no. That's how decentralization works. You can't apply Hive's recipe, because once forked, bitcoin is... no longer bitcoin.
Ok, maybe I'm turning too negative here when most people are happy. Why wouldn't they be? Bags are pumping!