No, a Spot BTC ETF won't cause a bullrun, but the increase of global liquidity will

Everyone gets so excited about any positive crypto related news and people come to weird conclusions:

Grayscale lawsuit win (leads to)-> approval of Spot BTC ETF (leads to)-> approval every Spot BTC ETF (leads to)->Bullrun

or

XRP won 1 part of the lawsuit (leads to)-> XRP will win the rest of the lawsuit (leads to)-> every crypto sued by the SEC will win (leads to)-> Bullrun

Unfortunately this is not the way how it works.

If there is not enough liquidity, a bullrun will not happen... not in crypto, not in equity markets either, nowhere.

The approval of a Spot BTC ETF won't change that fact, but the fact that a spot BTC ETF to exist can enhance how high a bullrun can be. In the past bullruns, institutions were not able to join into the crypto market, with an approved Spot Bitcoin ETF, they can do so.