In mathematical terms it can have no effect because the bitcoin spot market is ridiculous compared to the derivatives market...why do you think they approved futures etf's and have so far prevented a spot etf?

Unfortunately in this world many are ignorant of the financial side of things and have been told many lies and inaccuracies.

The only true thing is that the price of bitcoin is driven by the liquidity of money, and this is not bad, as it was created for this, to combat monetary debasement.