What is the effect of Bitcoin ETF on cryptocurrency space?

Recently, the prices of cryptocurrency spiked up and rumors had it that it is the Bitcoin ETF that was responsible for the spike. It is still unconfirmed as it was a said rumor not a confirmed source of information. But nevertheless, we cannot shy away from the fact that the SEC is set to launch a cryptocurrency token framework that will back the cryptocurency transactions and exchanges. Having said this, it is expedient to know what the outcome of this regulation will be as regards the conduct of transactions on the cryptocurrency space. What is your opinion and suggestions about the Bitcoin ETF/crptocurrency token framework?

Thanks,
Regards,
Sam.