I've read your take and I agree with its contents. The Winklevoss denial may have been an appeal against a previous refusal, but the reasons given for refusal by the SEC has implications for the VanEck ETF, despite it being backed by CBOE and having a better chance, because it targets institutional investors, whereas the minimum entry point of Winklevoss was 0.1 BTC. The underlying market conditions, manipulation etc are there just the same. Let's wait and see what happens, but I'm half expecting a delay of the August 10th deadline and a negative impact on the market. I expect to see a regulatory framework from the SEC, before we get an ETF and because of the current regulatory uncertainty the price is going to keep bouncing up and down. The current market conditions suit traders, trading volatility, rather than hodlers, but this will change in time.