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

TI Research

While the news of the Bitcoin Spot ETF approval turned out to be false, it undeniably buoyed market sentiment. Several policy signals have all pointed to the fact that approving a spot Bitcoin is only a matter of time.

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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