Afaik, I think the price pumped then too, but people were expecting both futures and spot and when futures (the more risky one) got approved and spot didn't, that was weird.

Futures have the higher risk of depegging which leads to problems like gbtc had.

Spot is less risky and so people will use that over futures. People are excited about that.

Also, so many people are excited and shouting about it, many traders will trade to profit from it. It's a self fulfilling prophecy. Maybe no one gives a shit about the ETF, but a bunch of traders will push the price up and use it as proof that it must be happening 😁.