Previous year also we faced a good bull run with out ETF. ETF not related to bull run. but panic people there so if ETF rejects by the sec or postponed they sell their portfolio for even loss.
So i believe normal market circle and bull run can be expected in next months.
what about your opinions ?
it is not really related to the bull run. the reason for the bull run before is because of many fork that happen last year, which increase the demand and crypto become known because of that. but this year, its different.