According to CoinDesk, the launch of spot bitcoin exchange-traded funds (ETFs) marks the adoption of bitcoin by a different class of investor, shifting from short-term profit-seekers to long-term investors who plan to hold bitcoin as part of a broader investment mix. This comes after the collapse of FTX, which was a turning point for the crypto markets, causing a decline in entrepreneurial activity and prices in the months that followed.Sam Bankman-Fried, the founder of FTX, was known for his effective altruism and stated that his main goal was to earn as much money as possible to give it away. However, it has been alleged that his true goal was to take as much money as possible to invest, wield influence and power, and buy real estate. This has led to the realization that the crypto industry needs to attract people with a long-term vision, rather than short-term takers, or 'mercenaries'.The launch of spot bitcoin ETFs signifies a more solid foundation for the future growth of the industry, as it gains validation from traditional financial advisors and investment firms. This shift in focus from flashy gestures to long-term investment strategies is expected to benefit the overall growth and stability of the crypto market.