I'm positive about the ETF approval and I'm sure both ETF and bakkt are been postponed waiting for the perfect time to approve which will have huge impact on bitcoin price
I don't think the ETF approval will get more and long term impact on the prices of bitcoin but this can be a reason to bring the bull run,so once the market keep started to recover more and more investors will take the capitalization into new level.
That particular hope will spark investors interest, though it's still a question whether this one will be approved but many hopes that it will bring some
interested investors money to be place inside the market, recovery will happen if there's new players that will ride with this news.
Timing will be the question from both investors and traders that's still waiting for the final decisions of SEC.