- The court determined that the SEC did not sufficiently explain the reason for rejecting Grayscale’s proposed spot Bitcoin ETF while approving the listing of two Bitcoin futures ETFs.
- The court’s decision has boosted Bitcoin prices. The price of Bitcoin rose by over 6% to trade around $27,400 in the early hours of Wednesday.
- Research conducted by on-chain intelligence platform Santiment shows that Bitcoin whales and sharks may have been able to anticipate the outcome of the decision between the SEC and Grayscale.
According to research conducted by an analytics firm, Bitcoin whales and sharks rapidly accumulated BTC before the announcement of the Grayscale-SEC case decision.
Grayscale’s Victory Revives the Bitcoin Market
The U.S. Securities and Exchange Commission (SEC) has been criticized for not approving the spot Bitcoin ETF, citing concerns about market manipulation and money laundering. However, the recent decision by the U.S. Court of Appeals could change the situation.
The court determined that the SEC did not sufficiently explain the reason for rejecting Grayscale’s proposed spot Bitcoin ETF while approving the listing of two Bitcoin futures ETFs. This decision could pave the way for the approval of other spot Bitcoin ETFs by the SEC, leading to an influx of institutional capital into the crypto market.
The court’s decision has boosted Bitcoin prices. The price of Bitcoin rose by over 6% to trade around $27,400 in the early hours of Wednesday. Interestingly, Bitcoin’s average daily trading volume increased by over 186% to approximately $31 billion, according to the total data.
Whales’ BTC Move Detected
Research conducted by on-chain intelligence platform Santiment shows that Bitcoin whales and sharks may have been able to anticipate the outcome of the decision between the SEC and Grayscale. The study found that wallets holding between 10 and 10,000 Bitcoins added approximately 14,596 Bitcoins just before the announcement of the decision.
This indicates that large investors were anticipating the decision and buying Bitcoin in anticipation of price increases. As a result, Bitcoin whales and sharks quickly gained a 6% profit.
The SEC has not yet announced whether it will approve the spot Bitcoin ETF. However, the recent decision by the U.S. Court of Appeals increases the likelihood of the SEC approving such an ETF in the future. This could be a major turning point for the crypto market as it allows institutional investors to be exposed to Bitcoin without having to purchase and store the underlying cryptocurrency.
