this is a time when people should take a deep breath and forget ETF and BAKKT for some time, this will help people not create high expectations on ETFs because if the SEC reject these ETFs, people will be disappointed. One of the reasons why people no longer get anxious about this type of news is because they know that regulators are not going to approve things like ETF, on the contrary they are gaining more time to see how the crypto market will be, if somehow the crypto market will satisfy the requirements that they establish
It is a vicious circle of sorts
As soon as Bitcoin prices stabilize in a tight range for some time (which could increase the possibility of ETF approval), someone with deep pockets comes and moves the prices like 20-30% a day (either up or down), and then we are instantly back in the loop
On the other hand, the SEC itself as a board of highly experienced and likely as corrupt people may not be interested in doing anything apart from doing everything to keep things where they are. In other words, the SEC accuses Bitcoin markets for being highly manipulative but they themselves may be abusing it