Are we overestimating spot etf impact?

Investors now have so many different choices to get exposure to bitcoin that I have a hard time figuring out who are these investors that really want to access bitcoin but have to wait till a spot etf is available to do so?

Also, the fact that these fund managers have a lot of AUM doesn't mean that any of it will flow to bitcoin etf.

Don't get me wrong. I think bitcoin is the best money technology we have and will help human beings regain some freedom. However, I think spot etf has very little impact and real value creation comes from more people studying and understanding bitcoin.