i don't understand why ETF approval would trigger a new bull run. people keep saying that, but nobody can explain why.
People assume spot coins will be bought and that the effect of that will reflect on the price.
They have no clue about how booming the OTC market is currently, especially with miners being the main providers of fresh/clean coins legal entities are craving for.
I do however have to point out that with less miners dumping on the spot market, it could and likely will make sure that if the spot demand does increase, there is less potential selling pressure on the market, which is always a positive factor. Miners are the main source of supply inflation, and if legal entities buy up most of these coins, there eventually will be a shortage on the spot market with the right amount of demand.
There's only so much supply on the OTC market though, as with any market. When demand goes through the roof on the next bull run the sellers on the OTC market will dry up for all the big Wall St buyers so whoever is buying for them is gonna have to go to the exchanges which will skyrocket the price. Wall St big money isn't just gonna sit back and miss out on huge gains because there isn't enough supply to buy on the OTC markets. It's not any different than the exchanges, when supply dries up due to increased demand the price must rise, and OTC buyers aren't gonna buy prices at a premium on the OTC market if they can go and get it cheaper on exchanges (through some intermediary probably).