I think the market will take the time up to 3 months more to recover the market cap. We know SEC postpones two months to take their decision. So the market will follow this time (only my opinion). I hope after that market will go to the owner's way whatever comes to the decision from SEC.
Thinking that ETF is the major cause of the market current downturn is erroneous and must be corrected. The market even if 3 months is normalized, won't stay top ever but will still go down in one way or the other.