I think it is still bullish.
The Bitcoin Spot ETF also caused a sell-off on the traditional financial market, especially among crypto companies.
The shares of MicroStrategy (MSTR) recorded a 5% loss in value, Coinbase (COIN) fell by 6% and Marathon Digital (MARA) suffered a double-digit loss of 12.6%.
One reason: the approval of Bitcoin Spot ETFs. Before the SEC legitimized Bitcoin and made it available to institutional investors, BTC access was only available via detours.
These investors then bought shares in crypto companies that more or less mirrored the BTC price. One example: MSTR.

The reason for this: Michael Saylor's company owns a total of 189,150 BTC with a total value of USD 5.9 billion.
Shares in companies with such a background are therefore often bought in the traditional financial world as a leveraged investment on the Bitcoin price - until now.
With the approval of Bitcoin Spot ETFs, investors no longer need this leverage. So while MSTR, COIN and co. are losing capital, Bitcoin ETFs have already benefited from record volumes on the first day of trading.