Can someone explain why it's different this time that an ETF gets approved?

From when I can remember, 2016 on, many institutions applied for a Bitcoin ETF, yet all have been denied. That is a very long time in the crypto space with two major bull runs happening. Now I know huge institutions are applying for an ETF now like Blackrock, but what makes it different today than it did all those years prior? The only thing I can tell that is different for BTC is the price. The fundamentals are essentially the same.

Or I guess since the world is basically controlled by the elite, have they decided now is the time to make it happen? I just feel like everyone is convinced an ETF will get approved this time, but so far it's all just applications. If all these institutions get their applications denied, we are gonna see a massive dump.