SEC is legally not required to make any verdict on the bitcoins ETFs yet, they moved the date forward till 29th Dec. The odds of its being approved remains 5-10 percent chance within the year.
https://www.coindesk.com/vaneck-and-solidx-unfazed-by-the-secs-latest-bitcoin-etf-delay/.
I personally do not think we will get any verdict this year. A rejection is not a death blow to the price of bitcoin as the adoption is gradually on the increase. For now,maybe we should focus on the Bakkt futures back by physical bitcoins which is geared to kick-off in November. JP Morgan is planning something similar.
Futures backed by real bitcoin is what the market really needs. It taps in to the rich resources of large institutional investors who do not wish to go through the hassle of purchashing bitcoin themselves but it actually has a direct influence on the price unlike all of the current futures we have. It will also with that make manipulation using futures far more difficult. I would actually hope to one day see only physically backed futures but I doubt that will ever happen.
Yes in terms of futures this is the only kind that matters. Futures that aren't physically backed are for pure manipulation and betting, not investing. This will mean Wall St firms that use it will have to actually take up some of the Bitcoin supply.