What if institutional already bought very deep into Bitcoin but because of Tether they where never able to cash out, so the ETF's where created just to cash out.

Is that a plausible theory? If this is the case, then the current bull run is set up with only one intention: for wallstreet to dump on retail. That would go something like this, quick dump after the halving, slow recovery then a run towards 100K, dumping starts before around 90K then price goes all the way back to 20K, another 80% crash. In the meantime all altcoins are recked (including Ethereum) and BTC dominance goes back to 80% plus.

I know this is a very cynical view of the market, and I really hope it does not happen and Wallstreet is much much dumber.

Yet something inside me is yelling "this is the final trap cycle" before the speculative side of crypto is finally over.