Crypto proponents think the sky’s the limit for bitcoin awareness and adoption if a spot bitcoin (BTC) ETF gets approved, although some skeptics believe investors could be in line for some negative price action in the short term.

"The bitcoin ETF has been a long time coming," Ben Zhou, co-founder and CEO of Bybit, said in emailed comments to The Block. "But now, with BlackRock and other [traditional finance] juggernauts in the mix, the odds of approval are higher than ever. If approved, the effects will permeate the entire crypto market, bringing not only new money but also a new sense of confidence."

While Zhou said the move would be a watershed moment for the wider crypto space, he argued it was not a necessary requirement for success and that institutions need the ETF more than …