In the long run, both of these things are very bullish. Looking at [bakkt](http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/), we can see that the possibility of a truly accepted and 'financial system' integrated crypto credit card is going to be a huge boon for usability, which in turn is going to help us turn the tide from early adopters to the early majority.
An approved [ETF](https://www.investopedia.com/terms/e/etf.asp), on the other hand, will allow hedging against crypto prices, allowing many billions of dollars of money from large funds, hedge funds, sovereign wealth funds and others; such managed funds have rules that do not let them into such a risky class of assets without an appropriate insurance piece, and an official etf will allow that.
These two products are bullish on both sides of the coin, usability by everyday people on the one hand and vast flows of investment capital on the other.
For the cryptocurrency space to fully mature, both are needed. One or the other will likely result in a lopsided, not fully realized ecosystem. Both are incredibly bullish for the space as a whole, and for major cryptos especially in the initial stages.