There are several groups trying to create cryptocurrency ETFs.What will happen to the value of bitcoin if Bitcoin ETFs are approved ?
Well it's hard to predict what will be happen to that ETF because until now theres no sign if its approved or not. But I think theres no affect to bitcoin if the ETF is approved or not because bitcoin is bitcoin before that ETF is come. Bitcoin is no doubt bitcoin but we need ETF to be approved if we need to see a lot of rise in the prices of bitcoins. Currently there is not anything speical going on with bitcoin and every one is uncertain about bitcoin so the adaption rate is very low.
If ETF is approved we can see another big bull run this year, else i am not sure if the bear market will end or not.
An etf is definitely not needed for the price to rise. Once the sellers on the market feel safe the bottom is in and so there is no reason to sell at current prices (which could take a bunch of months) the price will start to rise as they decide that selling at three or four thousand dollars isn't a good deal for them. An ETF if approved soon would likely make the price rise sooner, but it is by no means needed to make the price rise. An etf is just one of many factors that can contribute to the next bull run (ie more countries officially recognizing Bitcoin like Japan did in 2017, institutional players entering the market through stuff like BAKKT and Fidelity etc, greater merchant adoption, continued tech advancement including the LN, more financial people getting on board and publicly talking about the future of bitcoin, etc.