<\/p>\n
Bitcoin (BTC<\/a>) remains stagnant, moving a mere $100 from last week, as investors hold their breath in anticipation of the SEC\u2019s decisions surrounding exchange-traded funds (ETFs).<\/p>\n Despite early optimism that drove prices from $25,000 to $29,000 earlier this summer, the market has been trapped in a state of uncertainty, with participants seemingly indifferent to minor volatility<\/a>. Bitcoin is currently trading near $29,150 and remains little changed on the day.<\/p>\n In the past 24 hours, the bitcoin derivatives market has displayed a near-balanced distribution between long and short positions across major exchanges, including Binance, OKX, and Deribit, Coinglass data<\/a> shows. The equilibrium may be reflecting a state of uncertainty or mixed sentiment among traders, without a clear consensus leaning either bullish or bearish.<\/p>\n The market had anticipated increased action earlier this month, with potential dates for SEC feedback on spot bitcoin filings. No decision forthcoming leaves the crypto community in continued suspense.<\/p>\n The delay concerning ARK\u2019s 21Shares BTC ETF<\/a>, bolstered by applications from financial giants like Fidelity and Blackrock, has contributed to the market\u2019s wait-and-see stance.\u00a0<\/p>\n While not an outright rejection, the deferment has tempered some of the previous optimism surrounding a seemingly certain BTC ETF, according to digital asset firm BitOoda.<\/p>\n New dissenting opinions such as those expressed in a detailed letter from Better Markets<\/a>, outlining reasons a BTC ETF should be rejected, compound the uncertainty. If similar concerns influence the SEC\u2019s ultimate decision, it could prolong the current market stagnation, the firm added.<\/p>\n Nevertheless, clarity may be on the horizon, with many anticipating an update or ruling from the ongoing Grayscale vs SEC dispute<\/a> about the asset manager converting its flagship Trust to a spot ETF.<\/p>\n This could paint the picture for all spot ETFs, including those for ether (ETH<\/a>), adding yet another layer of complexity to muted price action.<\/p>\n \u201cThe conditions of the bitcoin market continue to resemble the bear market hangover seen in prior cycles, with an outsized wealth held by long-term high conviction holders,\u201d Glassnode wrote in a recent note<\/a>.<\/p>\n Still, with low volatility comes \u201capathy and exhaustion\u201d which may signal a relatively weak inflow of demand, the on-chain intelligence platform said.<\/p>\n While major blue-chip digital assets remained flat, the majority of cryptos within the top 50 by market capitalization fell roughly between 3% and 10% late Tuesday.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) remains stagnant, moving a mere $100 from last week, as investors hold their breath in anticipation of the SEC\u2019s decisions surrounding exchange-traded funds (ETFs). Despite early optimism that drove prices from $25,000 to $29,000 earlier this summer, the market has been trapped in a state of uncertainty, with participants seemingly indifferent to minor […]<\/p>\n","protected":false},"author":2,"featured_media":112901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-137785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137785"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137785\/revisions"}],"predecessor-version":[{"id":148304,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137785\/revisions\/148304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/112901"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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