You seem late into this. Bitcoin spot ETFs in the US were approved last January. It's almost a year now.

It was more of a when than if. It was more or less foreseen. What could the SEC do when the global financial giants wanted to make it happen? But years prior to that approval, the US has already approved Bitcoin futures ETFs, and spot ETFs are already in play in other countries as well.

Yeah, much of the increase in the price since then is probably driven by institutions.