Good for pumping the BTC price, and perhaps moves the odds of approval from around 45% to 65%, but far from a certainty... and if we get a pump before the news of a disapproval, then we would likely get a dump at the time of such disapproval.

If we get an approval, we still might get a subsequent dump, no?... but surely in the long run, an ETF causes a lot more additional demand on BTC supply so has to positively effect BTC price, just like the halvenings, that  have frequently ben described as dumping events, but in the long run inevitably seem to force the BTC price to go up, no matter what the wannabe BTC price manipulators want.