Yes, the institutional investors are the ones that in the right sense, needs the approval so that they can get into the main stream of bitcoin transactions because they are big users and that will help their business in being more flexible and grow more . But as it is now, they don't have choice than to continue the skeletal usage they have been doing before.

To show that the ETF is not actually for small investors, the price have started appreciating. I believe people who are hoarding transactions in expectation of a pump with the approval by SEC, has started being themselves  And market has started being neutral and natural, being determined by market indicators and forces. We might see another surprise before the end of this year as expected before all the ETF news.