Everything is good for Bitcoin. If they set these things up and operate honestly they'll make everyone a lot of money. If they try any, and I mean any, games they'll get wrecked and everyone will learn another valuable lesson about what real bitcoin is. Hint: You have it in a wallet under your control.

It hasn't been long enough since FTX and related failures for everyone to forget, right?

What I can see happening is they create this ETF and pump the shit out of it to try and draw coins out of cold wallets, before going under and it's gone.... My advice is if you want to sell some during the coming pumpstravaganza do it via no-kyc p2p exchanges like bisq and Robosats so it stays the hell away from them.