The ETF is being made too big a deal of at the moment. The last ETF to get approved was (I think) copper. Copper's been around for millions of years. Bitcoin's not even ten yet. Bitcoin ETF gets rejected? So what?
I think that's mostly because of news outlets reporting that the ETF is going to happen for sure. People got overexcited, prices surged, it got shot down, prices plummeted, and now everyone's clamoring for more. Most people probably don't even know what it is, just that it may help prices recover.
I personally don't care, but it might be nice just for the positive press.
They are hyping the market using this ETF things, but in reality its really useless because IMO bitcoin can still go high even without it. But I know bitcoin will not hit $5k level again, that is too much dump for bitcoin. Maybe we need more time to recover but we will still be on top at the right time. Hopefully, people will be more knowledgeable enough this time so they will not be fool easily by any news.