-- Like regular borrowing, a future contract is a leveraged investment, the ratio of which is up to how much risk the contract's counterparts hedge
-- Unlike regular borrowing, the borrowed money implied in the contract can merely be used to buy the underlying bitcoin
-- Bitcoin’s value is positively correlated to its market cap and negatively to regulation’s uncertainty
-- Bitcoin gains support more from the fact that this future ETF was launched than from the resulting increased hedging and retail buying of bitcoin

As a media for trade, bitcoin presents larger value as more people use it. In another word, the biggest risk involved in bitcoin is that, as a decentralized trade media, bitcoin can not guarantee that people will not dump it or be forced to dump it one day.

The launch of the new bitcoin future ETF delivers a signal that people can assume they will be allowed to continue to use it. Together with bitcoin’s climbing market cap, which means a declining possibility to be dumped, the launch of new ETF helps significantly mitigate the risk of holding bitcoin.

Besides helping lift demand for buying bitcoin as a way for bitcoin future counterparts to hedge risk involved in issuing the contract, the new ETF also helps facilitate the retail buying of bitcoin. Its surging price reflects a perfectly formed circle driven by increased demand/price/market cap and increased value.

As a financial product with increasing tradable value, bitcoin benefits from the easing market liquidity as measured by central banks’ balance sheets and, to a larger extent, by money M2. The borrowing implied in future contracts, while certainly heated up by the market liquidity, does not directly contribute to the surging price of bitcoin in any two ways mentioned above.
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