What do you think about the existing Canadian Bitcoin and Ethereum ETFs?

There's been some strong price action for both Bitcoin and Ethereum over the last few weeks, following some news about it being likely that Bitcoin and Ethereum ETFs will be approved. For a long time, people have viewed the advent of ETFs as the next big bull milestone.

I learned recently that in Canada, there already is a Bitcoin ETF and an Ethereum ETF that have $1.1B under management and $200M under management, respectively. Both have been around since early 2021 and hold the true underlying coins in cold storage.

Both have a 1% management fee, which is expensive for an ETF, but fine if you're making a bet on large upside. I found out that I technically have access to the ETFs via my US broker, and I'm just surprised that their existence isn't a bigger deal already? Or that the AUMs aren't larger?

I wonder what this will mean for how US ETFs for Bitcoin or Ethereum will be received. Granted, Blackrock is a more respected institution than Purpose Investments and may have lower fees, but I don't know if it really matters. Wondering if this is a "buy the rumor, sell the news" kind of bearish outlook.