Agreed. Eventually, I believe that a substancial event or news anywhere in the world regarding institutional investments (Korea, Japan, Middle-East, etc...) may arrive to justify an early bull run. And retail investors, mostly in the US, who tend to be blindly focused on this ETF approval, won't understand what's going on, causing massive fomo.
By the way, let's not forget that the NYSE is now gearing up to get in the party... This whole ETF thing may just be a detail for the next bull run, after all, not a catalyst.