Im sure they will not hold the underlying asset, meaning that they will not hold bitcoins themselves... they are too dumb for that, too old, they will resort to buying futures contracts and wait for the ETF to come, only the smart people know how to store their own BTC. They just want profit dollar wise, they don't care about Bitcoin let alone altcoins.
In the long term they are fucked, fiat is a ticking timebomb, only the smart will accumulate BTC, the rest are still in denial and collecting paper.
Derivatives, like futures contacts, usually affect market much stronger than direct investments, since they attract lots of such direct investments under each type of contract.