true but all of these ETFs (for example Winklevoss twin's ETF from last year) have already bought bitcoin a long time ago and have it ready to go for their ETFs. they are not waiting for the approval of SEC to go buy it next! in other words no new money would come in if the ETF was approved and any possible rise would be some hype leading to the rise and this type of rise is never big. i'd say somewhere between 10% to 20% rise is possible but not moon!
Well, hopefully the ETFs have a significant amount of demand from many institutional investors. If this is the case then they will need to buy more Bitcoin which will exponentially increase demand. An official ETF would cause a pump in price from speculators, then institutional investors will likely FOMO in which will cause the price to rise even more, then causing all the speculators to FOMO in because "it's happening!"... That would be the Biggest Bitcoin bubble. Eventually, it could get to a point where governments will start buying and holding Bitcoin as a form of reserve (similar to gold). Because of all this, I believe the first few official ETFs will initiate the next massive bull run in Bitcoin. Then the price will crash, and possibly, gradually rise over time as more and more money shifts to Bitcoin. But no more hype bubbles, only a gradual rise until it hits a point of stability...
Anyways, thats my 2 satoshis, that is a potential future I foresee.
