Economist and trader Alex Kruger made important comments about the likely direction of price movement in the crypto market after the SEC makes a decision or not on the Bitcoin spot ETF applied for by Ark Invest.
Kruger commented on a recent tweet by Bloomberg analyst James Seyffart about the Securities and Exchange Commission's decision regarding the BTC spot ETF filed by Cathie Wood's Ark Invest and 21 Shares.
âPrices will run and won't look back.â
Since the application was filed in mid-May, the deadline for the SEC's decision on this matter is August 13. However, since this date falls on a Sunday, the regulatory authority is expected to make a decision on this issue by Friday, August 11.
Bitcoin ETF application will not affect BTC price!
Alex Kruger wrote in his twitter post that regardless of whether the SEC approves or rejects the BTC ETF launch application or even requests additional time to evaluate it, it will not matter for BTC.
The economist believes this is priced in by now. On July 12, the securities regulator announced that it needed more time to review the Ark BTC spot ETF application.
Over the past few years, the SEC has approved several Bitcoin futures ETFs. But Bitcoin is actively resisting the emergence of spot exchange-traded funds. After Grayscale rejected its application to convert its Bitcoin fund into an ETF, the company sued the regulator, hoping to achieve its goal in court.
Other financial giants that have filed to establish BTC spot ETFs include the largest global fund manager BlackRock, Fidelity, VanEck, Bitwise and others. Cathie Wood believes the SEC may approve several Bitcoin spot ETFs at the same time.