SEC has rejected 9 ETF and their reason was for fraud and manipulation of the currency. There is another EFT that was submitted in July from Bitwise that would track multiple currently not just Bitcoin with a $200,000 price tag and rule for this ETF will be on Sept 30, but everyone thinks that the SEC will delay it till February 2019 and I think this is when we will hear. The SEC has set a very high standard and may be impossible for them even get it approved.
Sinc April Bitcoin futures have grown 85% and will keep growing in 2019 also when BAKKT backed by the NYSE comes online in November these will help the SEC make a discussion on Bitcoin ETF as well.
The demand for Bitcoin is in the retail markets and the approval of the ETF will fill that void and will increase demand and supply will drop and the price will increase just a matter of time.