It doesn't necessarily have to be a real world utility for the bitcoin price to pump. Let me give you an example so you can understand this better.

Grayscale is trying to get the SEC to accept their new bitcoin spot ETF. What this means for bitcoin is that it will have access to billions of dollars from your average retailers that don't really want to go through the hussle of actually trading bitcoin. A spot ETF, which will directly track the bitcoin price, will allow them to diversify their portfolio and invest in bitcoin without actually owning it.

If you understood anything from what I said above, you will understand why having a bitcoin spot ETF is crucial if we want to have a strong bull cycle.