if ETFs can make the price of bitcoin go down, of course ETF can make bitcoin prices rise, this has become a habit and makes investors afraid to hold the long-term.
So, what proof do you have that ETF has ever been the cause of the market going down in the first place apart from general speculations and market manipulations just to send wrong market signals? Even though we might see new money kicking in, I still feel we place so much importance on ETF approval like the market totally is dependent on it. The same way a lot of people were so optimistic about Bitcoin futures and then calling moon as a result of that, only to see the market calling the bears into action.
Nothing is guaranteed and for sure speculation is the norm of the day in this market presently but I feel the market will behave in a way it wants to behave with or without ETF sentiments.