The narrative around ETFs has proven to be a big hoax, created to fool both the fanatics and the inattentive. Major market players, such as Greyscale, have been buying Bitcoin since 2020, accumulating enough quantity to influence the direction of the market. With the beginning of the speculations about the ETF, the Bitcoins in Greyscale's possession appreciated significantly. After the ETF approval, they raised fees to exorbitant levels, discouraging general interest and keeping themselves free to manipulate the market. Although they could profit between 80% to 110% with this strategy, it is important to consider that they have already dumped more than 80 thousand Bitcoins, still keeping around 500 thousand in possession. This amount suggests that they may be betting on short selling, maximizing their gains. The extent of this fall is uncertain, given the lack of regulation on such practices, unlike what would happen in the traditional financial market, where there would be penalties. In conclusion, the approval of ETFs, as well as the previous link to the CME, brought more harm than good to the cryptocurrency ecosystem as a whole.