<\/p>\n
Bitcoin bled 4.7% to dip below $26,000 over the past 24 hours, immediately following revelations the SEC would be delaying several filings for a US spot ETF until October.<\/p>\n
Blaming insufficient time to evaluate, the SEC has stayed applications from Blackrock<\/a>, WisdomTree, Fidelity, Bitwise, VanEck, Valkyrie and Invesco<\/a>, Blockworks reported.<\/p>\n The market shuddered Thursday, sending bitcoin (BTC<\/a>) sharply lower for the second time in two weeks. The asset had climbed significantly Tuesday, sparked by a sharp drop in US bond yields alongside a small win<\/a> in Grayscale\u2019s fight against the SEC.<\/p>\n That move had marked bitcoin\u2019s single biggest daily rally in five and a half months. Now, it appears those buying into the ETF hype are back on the defensive.<\/p>\n Rich Rosenblum, co-founder and president of GSR told Blockworks this week represented a game of \u201cETF approval probability ping pong.\u201d\u00a0<\/p>\n \u201cWhen an ETF gets approved, it\u2019s a game changer for the industry, so it\u2019s no surprise people are buying the news,\u201d he said \u201cBut in the short term it also opens up a lot of liquidity to exit, that would otherwise be locked up in GBTC.\u201d<\/p>\n Total long liquidations for bitcoin\u2019s move down, while mild in comparison to the mid-August rout where more than $855 million<\/a> was wiped in a single day, still amounted to over $100 million, according to Coinglass<\/a>.<\/p>\n The majority of those liquidations appear to have occurred over a 12-hour period, primarily across OKX at $45 million and Binance with a total of $37 million as of 4:00 am ET, data shows.<\/p>\n The price reversal for BTC is a function of the still negative sentiment, a hangover from 2022, exacerbated by a \u201cstubborn\u201d SEC, Mark Connors 3IQ\u2019s head of research told Blockworks.<\/p>\n \u201cThis is a \u2018show me\u2019 market. And in the case of US spot BTC ETF, it needs finality,\u201d he said. \u201cI don\u2019t think it is in reaction to changes in opinion or failed expectations on awarding a blanket ETF approval.\u201d<\/p>\n Instead, the research head pointed to several positive upcoming factors including the asset\u2019s ability to deliver outsized gains compared to its potential for loss, dubbed \u201cpositive skew.\u201d<\/p>\n A looming halving event \u2014 just shy of eight months away \u2014 bitcoin\u2019s energy efficiency and rising fees showcasing activity were all contributing to positive sentiment<\/a>, Connors said. As a result, price action has remained flat on the week.<\/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 bled 4.7% to dip below $26,000 over the past 24 hours, immediately following revelations the SEC would be delaying several filings for a US spot ETF until October. Blaming insufficient time to evaluate, the SEC has stayed applications from Blackrock, WisdomTree, Fidelity, Bitwise, VanEck, Valkyrie and Invesco, Blockworks reported. The market shuddered Thursday, sending […]<\/p>\n","protected":false},"author":2,"featured_media":148854,"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-148853","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\/148853","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=148853"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148853\/revisions"}],"predecessor-version":[{"id":148856,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148853\/revisions\/148856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148854"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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