Someone hacked CoinTelegraph and posted the fake news, knowing it would send price flying and then dumping. Easy to make millions on both sides of this trade. Manipulation. Not great in the eyes of regulators.
CoinTelegraph made a mistake or was hacked, it was then picked up by Benzinga, then Reuters via Benzinga then hit Bloomberg terminals. Disaster in the way that news is vetted. THE NEWS WAS ON A BLOOMBERG TERMINAL!
CoinTelegraph simply made a mistake and screwed everyone.
The ETF will actually be approved and someone leaked the news and was able to make a ton of money by trading the volatility and front running. This seems unlikely, considering the way the SEC has handled the spot ETFs so deliberately.
There are more scenarios, none are great… unless we are about to see a real approval.