We are not expecting ETF to be rejected, it seems that the Government still can't see the advantage of bitcoin compare to fiat, but it doesn't mean that we need to panic about this and sell our bitcoin. Bitcoins price may fluctuate in low price but it is just for a while, and it will go up again in time, all we have to do is to wait.
Though, there will be a lot of bitcoin users that will sell or convert all of their bitcoins becuase of this event, and not a good decision to make, becuase we could lose huge profit from it if we are going to sell or convert our bitcoin in just one shot.
I don't think you are right, I don't expect the EFT to be accepted, even the whole idea is wrong, is just like handing over Bitcoin to the government, it was rejected because the market was unregulated and this is what draws people to Bitcoin.
