Yes, you certainly make sense. I still can't get over this ETF hype though - I really consider it to be ridiculous. To me something like the news of Yahoo Finance offering direct crypto trading is far more important. I guess market FOMO/FUD is truly random in nature (or selectively media influenced).
I sure would like to see a short squeeze! As you suggest, it's probably now just a matter of waiting for the right catalyst to turn the market, everything else is in place.