The chances of ETF getting approved looks slim. At the same time it will be better if we are not too hung up on this entire ETF situation linkage to BTC. Because bitcoin was running smoothly in the market all these years without ETF. So there seems to make no difference if ETF gets approved or not. We need to stop giving this matter unnecessary attention.
If ETF isn't approved then, I guess, it can give a temporarily impact to the bitcoin price. But I do believe as soon as people forget about it, the market will be back to normal again. But for now, let's hope for the best about the decision that will be taken.