2023-10-14 14:54:21
The US Securities and Exchange Commission (SEC) has chosen not to join a legal dispute with Grayscale Investments, a well-known digital asset management company. This decision may be related to the SEC’s reevaluation of Grayscale’s ETF application.
ETF Season
ETF analyst James Seyffart confirmed that discussions between Grayscale and the SEC will begin next week. An update is expected within 2 weeks.
1. Done deal I guess if this is accurate. No en banc application
2. No. I do not think they will appeal to the Supreme Court either.
3. Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week following? https://t.co/2EayzqeKGq
— James Seyffart (@JSeyff) October 13, 2023
This move sparked speculation regarding its potential impact on Bitcoin. However, the news did not have an immediate impact on the asset’s price, with Bitcoin prices increasing only slightly over the past 24 hours.
Bitcoin briefly touched $27,000 and is back at the current price of $26,867.
Meanwhile Excitement regarding ETF approval is growing. This is evident from a 38% increase in Bitcoin mentions and interest on social media. However, despite this increase in interest, But confidence in Bitcoin is falling.
Bitcoin Holders Still Hopeful
Bitcoin’s NVT Signal has hit a 5-year high, hitting 1,779.542 at press time. NVT Signal is the ratio of network value to transactions. This indicates that Bitcoin is still actively transacting.
Additionally, data from Glossnode indicates that there are more than 100 Bitcoin holders or have lost Bitcoin. 7,906,228.227 BTC, the highest in 5 years
This indicates confidence in the long-term value of Bitcoin, as they have kept the asset and haven’t moved around for a long time.
However, there is something interesting as well, with data from CoinGlass showing that Bitcoin short positions were 53.7%, up from 44%.
This might be an indication that market participants are betting on short-term prices. This may be influenced by news of ETF approval.
Source: Ambcrypto
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