It’s neither - it’s very nuanced (like everything in life)

On the one hand, it would be a regulated a safe(ish) product which would allow traditional finance to finally have access to Bitcoin on its home turf. Your 401k provider, your brokerage, and your pension could easily have Bitcoin (or at least, a claim for Bitcoin) which then you could add to traditional investments. This would allow hundreds of millions of people and TRILLIONS of dollars to flow into Bitcoin, and would likely enable another order of magnitude price growth (if you’re into that kinda thing)

On the other hand, there is NO alternative to self-custody. While this ETF would be heavily scrutinized, it would still just be people holding paper Bitcoin and trusting that an institution actually has the Bitcoin they owe you. While it’s a bit more complicated because it would technically be redeemable, the point still stands. This could hinder adoption and actually suppress price short term, although the final outcome remains to be seen.

In the end, if you’re stacking sats in a self custodial manner, this news really doesn’t effect you. Stay humble and keep stacking.