This was as expected
The SEC has rejected VanEcks spot Bitcoin ETF. The decision was as expected given the SEC Chair Gary Gensler's desire to have more consumer protections (i.e. regulations) on the spot Bitcoin and digital currency markets.
The SEC took the full 240 days to review the application. Other applications have been submitted but hopes are not great anytime soon at least on any of them getting regulatory approval.
Recall that there was approval for a futures based ETF recently. The argument for that approval is that the futures markets are already regulated. It is the spot market that the SEC (and legislators) are focused on and until there are more regulations, the ETFs will likely not be approved.
The price of bitcoin is currently trading down around $1600 at $63,220.