think deeper

the companies applying for SEC acceptance wont cause market changes, as these companies would have already bought their 'baskets' of coins months/years ago. they have to for audit/liquidity reasons of just bing able to apply
but...
once the first ETF gets accepted. it then becomes the precedent/prototype. and then many other new companies will have a template to follow to get easy quick acceptance because they know the first one got accepted for the same thing

thus new companies not yet filing will grab coins, use the first mover as the template and bam its the second movers that will cause a market shift.
this is why many companies are waiting for news of a first mover before doing anything. as its way cheaper to get others to do the hard work, and then just copy the success

its much like an olden times armies. a general sends its first line troops onto a mine field.. stands back and waits for the path to clear, and then follows footprint for footprint only the tracks of the guy that made it to the other side