Bitcoin‘s price experienced a significant drop to $45,500, causing ongoing market volatility and keeping investors on high alert. Many are looking to capitalize on the high volatility, but the market is sensitive to any FUD, misinformation, or rumors, especially with important undisclosed SEC decisions looming.
Eric and James have been closely monitoring the spot Bitcoin ETF process, with Bloomberg ETF experts initially predicting a 90% approval chance, now increased to 95%. Despite this, skepticism persists, with some social media commentators predicting an ETF rejection.
Recent discussions focus on BlackRock’s last-minute S-1 refiling, which suggests a rapid response time and an eagerness to move forward. However, some speculate whether a potential SEC rejection could be used as a defense in future legal challenges, implying the SEC’s effort to facilitate the ETF process.
Investors like David question the SEC’s position, noting that with futures-based BTC ETFs already trading, contradictory rejections seem untenable. Doubts about Coinbase’s custody services are dismissed, as existing SEC litigation with Coinbase does not concern the reliability of its custody services.
Eric addresses those expecting an ETF rejection, considering the idea of the SEC’s staff working extensively over the holidays on numerous complex documents as unlikely. While acknowledging a small chance of delay or rejection, he suggests there’s overwhelming evidence against the notion of a rejection.