Arthur Hayes made a valid point considering the fact that spot ETF would be based on derivatives with transactions that aren't recorded on chain. I didn't look at it from this perspective but it's a valid point. The reason i don't think it would matter so much is because this would only become a matter for concern a century from now when the Bitcoin block rewards cease to exist and miners have to settle for transaction fees to make ends meet let alone, make anything close to what they earn when block rewards still exist.
I agree that this is really a valid point and since I believe that ETF approval is already coming it would be interesting to see how things will play out in the years to come. I am also wondering if by the time when mining rewards will end if there would be a big scarce of miners to participate in the network...anyway all of these things can still be classified as speculations but I am hoping that ETF will be a good thing for BTC and not the other way around.
