Yes I don't think we need ETF, Bitcoin will work great without the etf, the etf could make the price go high, but we don't know what other impact is going to happen, but some people trade based on this news, it has happened few times that when etf being rejected the price will fall down, so the etf denial will have impact on the price
If you are trading base on news then the approval or rejection of the ETF would have a big impact in the price and more likely you will be able to predict where the price might go after hearing it. Since there is a high possibility of being rejected due to what happen with the previous applications, this would be more advantageous to those who know how to short it and they can multiply their capital in a short amount of time;however, the opposite is also possible when the price moves not in their favor wherein it can wipe out their account in a short while as well.
Do we really need ETF or this is just a speculation in this market? Well, IMO even if the SEC disapproved this again, the market will just move normally just like what happened before where SEC already denied some of the ETF. Bitcoin is great and even without ETF it can still soar higher.
I don't think we really need an ETF because once there would be more people joining the bandwagon then price would naturally go up as the demand increases and I think this would be better than having an ETF that may temporarily pump the price but then there would be a dump happening as well that would make people lose their investment.
