Exciting Rise Period in November 2021: What Triggered It? - COINTURK NEWS
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Exciting Rise Period in November 2021: What Triggered It?

5:03 pm (67 days ago)
September 28, 2023

The rise period in November 2021 was exciting. What triggered it, you may ask? Well, it was the approval of the Bitcoin ETF. Some events can be significant triggers for price movements in the markets, and the approval of the spot Bitcoin ETF can be the expected price catalyst for a new ATH. That’s why crypto investors are eagerly awaiting the approval.

Approval of ETH ETFs May Come

James Seyffart, an ETF expert at Bloomberg, closely monitors ETF applications in the crypto space. Yesterday, a decision was made to postpone two ETH ETFs, and one of them was filed. The SEC is working intensively these days because only 7% of its staff will be on duty due to a government shutdown soon. Of course, this scenario will happen if there is no agreement by September 30th.

James Seyffart believes that the SEC will soon start approving futures ETH ETFs. If they do, it suggests that November may remind us and indicate that the ETH price may increase. However, the current macro outlook and regulatory pressures in the crypto industry indicate a stronger possibility of it not happening.

James said the following about this:

“There is nothing yet, but we are monitoring applications that indicate that Ethereum Futures ETFs will be launched next week. We expect many more applications from the SEC today because they continue to clean their desks as much as possible before the shutdown.

The SEC seems to be allowing a group of Ethereum futures ETFs potentially next week.”

Approval of Spot Bitcoin ETF

If approvals come for ETH, it can indirectly pave the way for the approval of spot Bitcoin ETFs. As we mentioned before, after the GBTC decision, the SEC has three different paths ahead. First, it can continue to approve spot Bitcoin ETFs. Second, it can cancel futures Bitcoin ETF approvals, citing manipulation and fraud as reasons for rejection. The third option is to look for a new excuse for rejecting the ETF.

Regarding the new excuse, it may focus on custody services, but many of the things it accepts when approving futures ETFs can also be met by spot ETF issuers. Moreover, if it will give an approval in the future, today’s resistance may be meaningless. Let’s remember the letter sent by four members of the House of Representatives just 2 days ago, saying “stop being stubborn and approve the ETF.” It mentions that the SEC may not disclose the decisions it made today in the future.

All of these are already being loudly discussed in the crypto world. Meanwhile, Nate Geraci, an ETF expert, added the following to James Seyffart’s comments on the soon-to-come approval of futures ETH ETFs:

“If the SEC allows the launch of ETH futures ETFs, it must assume that the push to close btc futures ETFs / delist them is off the table… The response of the SEC to the Grayscale lawsuit is eagerly awaited. It seems the only option is to find another reason to allow or reject spot btc ETFs. Could this reason be related to custody/surveillance?”

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore risk of cryptocurrencies and should conduct their own research.

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