Test-run on Spot Bitcoin ETF Approval | Crypto Daily Digest Oct.17

The market, along with social media and every group chat, exploded Monday morning when Cointelegraph tweeted the erroneous “news”that one bitcoin spot ETF was approved by SEC. Although the news turned out to be fake, it has undoubtedly lifted the market sentiment, with $BTC stand above $28,000 right now.

In addition to this bullish sentiment, two recent regulatory developments have further emboldened the crypto industry. Firstly, the SEC's failed appeal bid in the Ripple case was seen as a triumph for the crypto sector and a setback for the SEC. A trial date has been set for April 2024 to address lingering issues.

U.S. Judge Rejected the SEC's Motion to Appeal $XRP Rulling in Ripple Case

Furthermore, the SEC chose not to appeal in the Grayscale case, this paved the way for Grayscale to convert its GBTC to spot BTC ETF. The discount of Grayscale's GBTC to NAV continued to rise, reaching approximately 14%. The crypto community increasingly regards an eventual ETF conversion as inevitable.

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What's New from TokenInsight？

Summary of Token Unlocks in 2023 Q4: We have compiled information on 12 upcoming token unlock events with unlock amounts exceeding $1 million. This information includes details such as unlock quantity, timing, amount, circulating supply, and other key data.

Crypto Market Insights 2023 Q3：After Q1's surge and Q2's calmness, the overall market in Q3 showed a downward trend. Without the fervor of Bitcoin NFTs and Bitcoin spot ETFs, the market witnessed only a few lukewarm trends and frequent security incidents. So, what major events occurred in Q3, and what impact did they have? Let's review together.