Bitcoin ETF Approval : what makes you think this would lead to a new bull run in crypto ?

It is almost looking like SEC is favoring the cash redemption model for potential approval of BTC spot ETF. Now, what makes you think that this would cause a new bull run in the crypto market.

Here are some of my thoughts

1. There would be an easy way for individual investors to gain exposure to crypto but majority of folks who are already interested in the space are holding BTC on their wallets or buying through apps like coinbase / RH etc.
2. Given that this is a cash redemption model, this would discourage investors whose main purpose is to own BTC in their wallets (cold storage)
3. Institutional investors would not immediately enter the market as they are not comfortable owning asset like BTC which is highly volatile because the whales can move the market as per their wish.
4. In the cash redemption model, its the issuer (via custodian) that would ultimately be holding BTC on their balance sheet. Isn't this going to cause more concentrated positions at fewer entities ?
5. Till now whales were able to manipulate the price as they held large positions but with as more people start taking a position this would lead to better price discovery and liquidity and we might even see lower prices ?

And finally even if all the above points are negated and there is a good possibility of new investors buying spot BTC etf just like gold or real estate etfs, what makes you think this is not already priced in ?

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