Stranger things have happened. And that big meeting they had a couple of weeks ago are not the actions of something that's been outright rejected. They want to know more.

I think quite a few people have bought in with the expectation of a further rise if it's approved. Maybe they'll throw in the towel. There'll be a dip. A full on crash is doubtful as ETF fever is only part of the general uptrend that's been going for a long time now.

And there are two more applications to consider in quick succession after the Winklevii one. I doubt they'll have the gloss, but perhaps they'll add some refinements. Overall though I think rejections will be down to Bitcoin itself and no applicant can do anything about that.