Does Bittcoin ETF approval signals the Bull-run?

With US SEC set to approve spot Bitcoin ETF applications from financial giants like Blackrock, Fidelity, Greyscale etc., trillions is expected to flow into this industry and this has sparked mixed feeling among analyst. Gabor Gurbacs, a director at VanEck, recently agreed that while a spot ETF will create "trillions in value" he advised people not to “overestimate the initial impact of U.S. Bitcoin ETFs”, Some claim that the approval will require ETF issuers to purchase tens of billions dollars of bitcoin to satisfy the institutional demand, leading to a radical shift in the supply and demand dynamics.

With so many Bitcoin whales already holding their coin in their personal wallet signals that they're less inclined to sell which could increase scarcity and impact positively on price. Although, CryptoQuant and QCP Capital suggest that BTC will dip as low as $32,000 due to the amount of unrealized profits in the market and sell the news scenario demand for the ETFs.
We have witness BTC rally over 61% since October due to the expectation of SEC approval of one or more of the spot ETF applications. This expectations keep growing stronger and with final BTC ETF application filling being posted by major US exchanges, many analyst are confident that SEC will approve the first US spot Bitcoin ETF soon.

Recently, Bitget launched an event to encourage users to trade BTC as we near spot ETF approval, this confirm the impact of the ETF approval and the readiness of exchanges but does this approval signals the bull-run? What do you expect after the approval?