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A broadly adopted crypto analyst says that Bitcoin (BTC) bulls are being overly optimistic that Grayscale’s current authorized win in opposition to the U.S. Securities and Alternate Fee (SEC) can spark the subsequent bull market.
In a brand new technique session, Nicholas Merten, the host of DataDash, tells his 511,000 YouTube subscribers that the king crypto’s lackluster worth motion after the announcement of Grayscale’s win signifies that the occasion might not be as huge of a victory as BTC bulls thought.
“We noticed a mere 6% transfer after a supposed victory in opposition to the SEC that should assure one way or the other {that a} Bitcoin spot market ETF is coming across the nook [which] tells me all I must know. A mere 6% transfer, not even recouping the losses from again on the seventeenth of August once we didn’t have a lot information within the crypto house…
So, what offers? Why is it that Bitcoin, off of this supposedly phenomenal information, which is Bitcoin-focused, not XRP, can’t reclaim the 200-day shifting common and the 200-week shifting common?
This was the second the place we must always have knocked all of the shorts out of their positions, that is the place we must always have liquidated all these bears out of the market and pushed as much as new all-time highs. To be sincere, if it [was] such a slam dunk, the market will begin to worth that in fairly rapidly.”
In a separate put up, Merten tells the 113,800 followers on social media platform X that BTC’s marginal bump in worth could point out that there isn’t a lot demand for a spot market BTC ETF as of but.
“Wait… Grayscale supposedly wins its case in opposition to the SEC, but Bitcoin is up solely… 4.75%?! This smells like one other ‘victory in opposition to the SEC!’ that can ultimately fade as a result of there’s both some catch or just no want for an ETF. Bulls higher pray it isn’t the second…”
Earlier this week, a federal decide ruled that the SEC should rethink Grayscale’s software to launch a Bitcoin ETF to stay constant. Grayscale initially sued the SEC in June 2022, claiming that the regulatory physique’s rejection of their ETF software was discriminatory.
Bitcoin is buying and selling for $27,228 at time of writing, a fractional lower over the last 24 hours.
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