There is no urgency on their behalf as they will buy bitcoin as investors would buy shares in ETF.
Of course, they probably need to buy relatively small initial position to kick-start the fund.
Analogy with GLD (gold ETF): the price of gold slowly rose from $250 (from the lows in 2000) to $400 by 2004.
GLD started in around mid November 2004 and then was more or less flat until late Aug 2005 (about 9-9.5 mo) and then went essentially in exponential fashion (with correction in 2008) until Aug 2011 (4X appreciation or 22% per year average for 7 years). Bitcoin's bull numbers are typically much higher, but last shorter time period, but i would not be surprised by a 5-10X rise just on ETF alone (maybe taking half of the time or about 3-4 years). After that, similarly to GLD, an equally long consolidation process (3-4 years), maybe down to 100-150K. Somewhere during those 3-4 years of bull following with 3-4 years of 'secular" bear, halvings would start to have less effect
TL;DR next long term peak is maybe in 3-4 years at $150-300K value from ETF alone plus 140-180K value from the halving "squezze"=290-450K in what could be probably called a "supercycle", then a long term bear down to 100-150K, then a reversal to ATH in some time (could be 6 years from the prior ATH at ~300-500K).
