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The United States Securities and Exchange Commission (SEC) announced that it will avoid entering into another legal dispute with Grayscale Investments, one of the largest digital asset management firms in the world, by making a critical decision. It is expected that the appellate court will make a decision shortly after this incident. The most likely outcome is that the SEC will receive an instruction to re-evaluate Grayscale’s application.
When Will Bitcoin ETF Be Approved?
James Seyffart, known as an ETF analyst, announced that the negotiations between Grayscale and the SEC will begin next week. He also confirmed that a new response is expected from the SEC within the next two weeks.
Following the development that took place last night, there was an increase in the potential impact on Bitcoin. Despite the instant fluctuations in the market after the news, the price of Bitcoin remained relatively stable and only experienced a slight increase of 0.15% in the last 24 hours. After briefly surpassing $27,000, the price of Bitcoin was trading at $26,900 at the time of writing.
As a result, there was an increase in social activity. The excitement that arose after the SEC’s decision led to a sudden surge in mentions and interactions on the BTC side. This surge was confirmed by a 38% increase in interactions. However, despite this increase, the weighted sentiment for Bitcoin still indicated a downward trend.
Will Bitcoin Price Rise?
In particular, the NVT signal, which is frequently monitored in Bitcoin, reached 1,779.542 during this period. This movement led to the highest level in five years. The NVT signal is related to the ratio of network value to transaction volume and indicated a significant increase in Bitcoin’s transaction numbers despite the recent market fluctuations.
The number of Bitcoin users did not decrease during this volatile period and showed a stable stance. According to the data shared by Glassnode, the amount of Bitcoin held by investors reached a volume of 7,906,288.227 BTC, which is the highest level in the last five years. This situation provided strong confidence in the potential gains Bitcoin can offer in the long term.
However, the increase in short positions in Bitcoin also revealed a surprising situation. According to CoinGlass’s latest data, the percentage of short positions opened in Bitcoin increased from 44% to 53.7%.
This indicates that some market players believe that a price correction may occur in the near future. Another reason for this situation could be that even the SEC’s decision has not yet started the expected price movement in Bitcoin.
