Spot ETF is whatever. May increase spot demand some. But when they start selling options on the ETF that's when you'll start seeing more price manipulation shenanigans. The options tail wags the dog.
Discussion
Using leverage long term to hold price down is a sure fire way to see a GME style short squeeze and lose all your money. Options work in both directions
CME Bitcoin futures is still a pretty low volume market. There's with of us that if we all opened prop accounts we could probably push that market around. It would be hilarious if we just did a weekly futures pump and dump.