The ETF that I know is an organization that is a trusted bridge between large investors and several coins that are traded, such as Bitcoin, which has just entered trading in the ETF, making it easier for investors to enter and buy Bitcoin, meaning that the existence of an ETF will provide a lot of convenience and, of course, security when trading Bitcoin.
If big investors compare stock assets in WS vs Bitcoin, I don't see Bitcoin being the main choice for these big investors. Remembering that some investors also think that this Bitcoin product is basically decentralized, so its development only depends on the community and old developers. Moreover, Satoshi Nakamoto, who was the creator of Bitcoin, also seemed to have left this project and handed it over to other developers to develop Bitcoin further.
It doesn't match expectations, where when a new coin is listed on the exchange, it will get a lot of attention, whereas when Bitcoin is listed on WS via ETF, it doesn't immediately get high demand.