Matrixport speculation is based on the composition of SEC's five members and the recent comments by Chairman Gary Gensler. The reports assume that the application might not get the required vote from the committees since a majority of these members are Democrats. It was also reported that the Chairman made a remark that pointed to the fact that the approval might be delayed until Congress makes more regulatory laws. The market will always react to any news now because many people who are not knowledgeable about the Bitcoin space have invested in the sector because of the ETF, so any contrary news ignites FUD.