How does the Ethereum spot ETF affect the market?

In the comment section below the May 4 article "Milestone of Ethereum Spot ETF," a reader asked the following question:

Why didn't Ethereum's price surge significantly after this news was announced?

I remember that many media outlets in the industry discussed this question that day, and there were many explanations provided, with two typical ones being:

For example: Once the news becomes a reality, the market may have overreacted, leading to a decline in Ethereum's price. Therefore, investors might choose to sell Ethereum after the news is released to take profits or avoid risks.

Another example: This news only indicates that the relevant regulatory documents have been approved, but the spot ETF cannot be traded yet; we still need to wait for the S1 document to be approved before outside funds can enter the market. Thus, this positive news cannot be realized yet, and Ethereum's price cannot rise temporarily.

……

These explanations may make sense, but sometimes they don't, as we often see similar financial events where asset prices surge due to positive news.

Therefore, short-term market fluctuations stimulated by such news are often difficult to predict.

I believe that as ordinary investors, there is no need to pay too much attention to the short-term ups and downs brought by such news; we only need to know that this news will definitely benefit Ethereum and the entire crypto ecosystem in the medium to long term.

Moreover, this medium to long term does not require us to wait too long. I believe that in the coming months, or even half a year, we will likely see this positive news materialize.

Upon seeing this question, I thought of a situation I often encounter in my investments, which is also related to short-term market fluctuations:

I am optimistic about the medium to long-term trend and price potential of a token, so I buy it. However, after I purchase, the token not only does not rise in the following period but continues to decline, only to restart after a period of stagnation.

I initially thought this was just my own experience, but recently, while watching Duan Yongping's investment sharing, I realized that he often encounters this situation as well. Not only Duan Yongping, but even Mr. Buffett frequently faces this.

Mr. Buffett has even specifically discussed this phenomenon, stating that it is foolish to expect the stocks you are optimistic about to rise immediately after purchase.

At this moment, I suddenly realized that this is the norm for many investors (including top investors), rather than something unique to me.

This further illustrates that in this market, apart from a few geniuses, no one can consistently and accurately predict short-term market fluctuations.

If even top investors lack this ability, as ordinary investors, we have even less reason to spend our energy guessing such fluctuations.

I remember that in the articles from that day, aside from a plethora of analyses on why Ethereum's price didn't rise, the other most discussed topic was the amount of Ethereum liquidations—my guess is that most of this was likely due to betting on the wrong direction of this volatility.

Both Buffett and Duan Yongping have clear strategies regarding this phenomenon: completely ignore such short-term market fluctuations and always focus solely on the fundamentals of the stocks and medium to long-term benefits.

I believe this principle applies equally to crypto assets.

Therefore, when we see this news, our first reaction should not be to speculate on how Ethereum's price will change after the news is released, but rather to consider what kind of impact Ethereum and the entire crypto ecosystem will face in the upcoming bull market.