There’s a high probability of approval on or before the SEC’s final deadline in mid-October for a decision on the first ether futures ETF in the U.S.
in a lawsuit about converting its closed-end Grayscale Bitcoin Trust into an ETF.
Excitement over the court decision quickly faded, however, and the SEC poured a bit more cold water on sentiment later in the week whenon the June spot product filings by BlackRock and the others. After initially surging to above $28,000 on Grayscale’s court victory, bitcoin quickly gave up any gains and more, slumping to near a six-month low just above $25,000 by last Friday afternoon.
“The market seems to underestimate the potential impact [of a spot bitcoin ETF],” Lunde said. “A spot ETF approval should attract enormous inflows, creating significant buying pressure on BTC. Conversely, if the BTC spot ETFs are rejected, nothing changes.”negative monthly returns that month in every year since 2016. Crypto asset manager QCP Capital forecasted that the largest crypto asset could sink to as low as $23,000 by the beginning of October.
Still, current price levels – $25,720 at press time – provide a buying opportunity for investors with a longer time horizon, according to Lunde. “This is, by all accounts, a buyer’s market, and it’s reckless not to aggressively accumulate BTC at current levels,” he said.
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