I think a lot of people is going to go bankrupt with their short expectations.
ETF or not, bitcoin is growing and too strong, it will keep growing. If the ETF is rejected, it just means we are closer than we were from an ETF getting accepted. The SEC will give up the final recommendations and changes required for the ETF to get passed the next time. This is a long term race. ETF rejected means nothing. Shorts that are expecting a big crash may have their short positions backfire.
So you don't think it will rise sharply if it is accepted then? The price now will lie between the price of if the ETF is accepted and if it is rejected.
Apparently there is a 1/3 chance it will be accepted and a 2/3 chance of rejection. So the price rise should the ETF be accepted should be double the fall if it is rejected. Still we don't know how much is priced into the market, except that we are at ATHs.
There are obviously not too many shorts at the moment, that is why the price is at an ATH and rising!