The last spike was driven by some bitcoin futures contracts which push the price to the new ATH but now, here it is around $6900-$7000. No wonder why many people want ETF approval so that the price can exceed $20K, simply because they want profits, although the price will fall again.
Nevertheless, SEC rejects the Winklevoss brothers’ ETF application in July, and the van eck/solid x proposal will be decided by the end of this month, probably will be rejected as well. Not an easy task to fulfill the requirement that national securities exchange's rules design to prevent fraudulent and manipulative acts and practices. The thing is, SEC will make the decision whether ETF will be approved or not, whether we like it or not.