The general sentiment is that the VanEck/SolidX ETF is the most legit and most likely to be approved out of any of the other proposals. I personally feel the same way, and I think it is pretty likely that the Proshares proposal will be rejected. As for the market reaction? There definitely would not be a huge crash or major market reaction. Maybe there would be a small dip in price but that's all. Honestly, I think most speculators that are waiting for an ETF are placing their bets on the Solidx proposal. If that one was denied, I'm sure there would be a much stronger market reaction.