2023-06-30 17:22:23
SEC & ETF UPDATE: The Wall Street Journal announced that the spot bitcoin filings submitted were inadequate according to the SEC.
The very second this was published the market dumped, irrespective of DXY’s bearishness & SPX’s bullishness.
With headline data like this, the market reacts quickly in a steam of panic and looking at BTC.D we can see that is clearly the case.
However, BlackRock can still refile for the BTC spot ETF.
*"The SEC told the exchanges that it returned the filings because they didn’t name the spot bitcoin exchange with which they are expected to have a “surveillance-sharing agreement” or provide enough information about the details of those surveillance arrangements. Asset managers can update the language and refile."*
This could be interpreted that the SEC are indicating to BlackRock, what they need to do, to get this across the line and become approved, which if true would be positive.
For now the market will be volatile, but if the market later turns bullish as a result of the determination of the above, and DXY & SPX’s confluent trends, then this may have been considered noise & a nice flush before continuation.
Blueprint Release Time comes shortly.
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