You're saying the funds that move into bitcoin through ETFs aren't degens. You are right. But they do take profits! And when they do, bitcoin is sold. Sure, others may come in their place to fill the demand, but it depends on the price and potential upside too.

As for alts, I agree, ETF funds won't spill over into alts. But there are in the works ETFs for alts (I mean a basket of them, not ETH on its own). If or when they are approved, they will push prices for the respective alts.

Then, many of the people who are really in crypto and not via ETF proxies are still degens. They will continue to spill their bitcoin profits into alts for more gambling ventures. Unfortunately, that's what we are talking about, in many cases, gambling.