How do you REALLY think the market will react to the ETF approval?

So I've seen three different - popular - takes as to how the market will react to the ETF approval, these are;

1) Bitcoin will have the biggest move, with alt coins just tagging along for the ride. 2) It will trigger a general bull run where you get the usual random 100x shitcoin shenanigans, everyone trying to convince eachother which alt is going to moonshoot whether it be ALGO, DOT, SOL or ADA and so on. 3) The price goes down as people sell the news.

Personally I think it'll be option one. What do you guys think, also how do you think ETH will react since that's the other big player?

My follow up question is how are you preparing for this? Personally I'm change a good chunk of my portfolio for BTC in preparation, then once everything settles down, I'll redistribute into other projects.

Edit: A lot of answers being given but please specify if you're talking about JUST BITCOIN, or the general market.