Short-term: May cause short-term price fluctuations. The launch may attract speculative capital, increasing volatility. For example, after the listing of spot bitcoin ETFs, there was initial market turmoil. But the short-term impact fades quickly.
Long-term: It can increase institutional participation and market liquidity, potentially driving up prices. It also enhances mainstream acceptance and reduces volatility, creating a more mature and stable market environment. However, regulatory changes still pose risks.