Bitcoin vs ETH ETF: What Happens?

So by now, everyone knows that Ethereum ETF has been approved, which is great news for the market. That said, there is an interesting interplay between the Bitcoin and the ETH ETF that will dictate the price of ETH once trading begins for these products. Let's recap what happened with the Bitcoin ETF.

1. Bitcoin ETF: Bitcoin ETFs first started trading in January 11th of 2024. At that point, Bitcoin was 46.6K. In the next few weeks, Bitcoin's price started to plummet with Bitcoin dropping 17% in January 23rd to 38K. The main reason driving this dump was the huge unloading from the Grayscale Bitcoin fund. Given that GBTC was charging a fee of 2.5% for its customers, many investors took this opportunity to sell their GBTC (while probably taking profit as well). However, after a while, the inflows started to increase significantly, and this triggered a bull run from 38K to 73K (almost 100% increase) in the subsequent months. And here we are.
2. ETH ETF: There are three main factors for the upcoming ETH ETF: (a) existing Bitcoin ETF (b) ETH ETF (c) Grayscale ETH ETF. How does this all play a role? We have good news and bad news for ETH. In the good news, we will have 1a) new money flowing into the ETH ETF 1b) money flowing from the Bitcoin ETF to the ETH ETF. In the bad news, we will have 2a) Grayscale money flowing out from its current ETH ETF 2b) secondary effect of Bitcoin's price that might tank due to BTC ETF -> ETH ETF. So let's unpack this. Right now, Grayscale holds around 9 billon dollars worth of ETH. I suspect that Grayscale will retain its 2.5% fee and that will result in massive exodus of this fund once trading starts. Also, right now, the Bitcoin ETFs hold around 13 billion dollars worth of BTC. I've heard estimates that ETH ETFs will have around 15-25% funds of Bitcoin ETF. So it is conceivable that anywhere between 1-3 billion dollars worth of BTC ETF will be converted to ETH ETF. That is good for ETH but bad for BTC (and this might be bad for the entire cryptomarket). Also, it is not clear how much new money will enter into the market due to ETH. I am thinking not that much initially since much of the crypto money that was interested in the ETFs are already in ETF (e.g. individual investors) and hedge funds/banks might be already satiated with Bitcoin ETF initially.
3. So what about the price? When trading starts happening, we will see Bitcoin ETF money go to ETH ETF, and Grayscale ETH money going out. Clearly, this isn't good for Bitcoin in the short run as it will create selling pressure. I suspect that the ETH/BTC ratio will go up but it is conceivable that ETH will go down initially (similar to BTC) due to Grayscale unloading. But regardless, when ETH ETF does open, that is not the time that I would want to be holding BTC (over ETH). And once the dust settles down, I suspect that ETH's price would make a run and any dip would be worth buying in the short-term/mid-term after its ETF launch.