NO!

But that’s essentially what you do every time you get on a plane.

The thing is, some things sound crazy at first, and then they become normal.

Five years ago, Bitcoin ETFs would be unthinkable, and now, there are at least 8 Bitcoin spot ETFs on the way and several Ethereum ETF futures in the works.

Here’s the sweet part: the U.S. and EU ETF markets are valued at about $6.7 trillion.

Today, we navigate the twists and turns of the regulatory maze to provide context into the SEC's delays and what’s next for crypto investors.👇

TLDR 📃

• SEC's delay on Ark 21Shares ETF might indicate favourable changes.
• Grayscale’s lawsuit might speed up the SEC’s decision on Bitcoin ETFs.
• ETH Futures are likely to arrive in October as positive trends unfold.
• The chatter on ETFs and futures could have a short-term impact on Bitcoin’s price movement.

Disclaimer: Not financial or investment advice. Any capital-related decisions you make are your full responsibility.

Why the SEC's decision to delay wasn't a big deal 💅

Last Friday, the SEC delayed the decision on the Ark 21Shares Bitcoin ETF.

Some people saw this delay as another roadblock, but you know what?

It's not as bad as you think. We dare say there's a silver lining to take away from this situation.

According to the SEC, the main reason for the delay is to solicit public opinions, particularly on Bitcoin market manipulation.

Now, sheat your swords for a minute and the dispassionate analysis suggests that this development hints at the potential for a positive decision.

The fact that the SEC wants more information deviates from its tendency to outrightly reject ETF applications, as in the past. This signals a noteworthy shift in the positive direction.

And the best part, we expect the SEC to go all the way to allow several providers to launch their ETFs simultaneously.

We suspect that the SEC is mainly worried about big players manipulating the crypto market through spot ETFs. This risk could materialise if they approve only one or two investment funds' ETFs.

However, if it gave the green light to all 8 ETFs, the chances of manipulation would drop significantly. One or two players might collude to manipulate prices, but it is much harder for eight firms to pull off such widespread market manipulation.

In essence, the fact that ARK is yet to get its ETF approved doesn’t necessarily signal a negative shift for Bitcoin spot ETFs.

What’s more? We’ve identified a few factors that could compel the SEC to expedite the process and approve a spot Bitcoin ETF as soon as today.👇

A Bitcoin spot ETF could come sooner than you think 🤔

While the SEC typically has all the time to ask questions, delay, reject or approve a Spot Bitcoin ETF, an ongoing lawsuit could force its hand.

Spotlight turns on Grayscale’s lawsuit alleging inconsistency on the SEC’s part in permitting Bitcoin futures ETFs while rejecting spot Bitcoin products like GBTC. We’ve previously done a detailed breakdown of the lawsuit.

The point, however, is that if the SEC loses this lawsuit and faces an unfavourable verdict, it couldn’t delay its approval decision further.

Bloomberg ETF analysts say Grayscale has a 70% chance of winning – fingers crossed.

The more intriguing part is that the judge is expected to deliver a verdict today!

No one knows how the pendulum will swing, but if you're a trader or investor, this event will be significant to watch tomorrow.

However, while Bitcoin currently commands the spotlight, something substantial is unfolding with Ethereum in the background.

While all eyes are on BTC, ETH futures are gearing up

Bitcoin has had a Bitcoin Futures ETF since 2021. However, Ethereum has not been able to join the party, mainly due to regulatory uncertainty surrounding the legal classification of ETH – is it security or a commodity?

This uncertainty has reduced interest from institutions in initiating applications for ETH Futures ETFs.

However, Ripple's substantial victory in its XRP case might have triggered a perspective shift.

Between July 28 and now, 14 Ether Futures applications have surfaced. This surge signifies a mounting conviction that ETH could parallel BTC's journey. Now, that’s not news!

The more interesting development is that the SEC doesn’t seem to be trigger-happy to demand the withdrawal of these applications.

In 2021, the SEC demanded and executed withdrawals on Ether Futures within seven days. Now, it’s been 13 days without a whiff of withdrawals from the SEC. While this doesn't guarantee a specific outcome, it does indicate a promising trend in a positive direction.

Furthermore, according to two well-informed sources closely associated with the latest Ether futures ETF filings, the SEC has indicated its readiness to evaluate such a product publicly.

All these factors indicate the potential launch of an Ether Futures ETF around October this year. This could stimulate discussions about a Spot ETH ETF, which would substantially foster serious institutional adoption of ETH.

Speaking of institutional adoption of ETH, what do the charts tell us?

Eth price analysis 📊

ETH's price action hasn't been that interesting lately, but that only means something's brewing behind the curtain of boredom.

As context, we saw Bitcoin bottoming out at $28,750 last week. We know that when BTC starts surging, everything follows, and ETH is no stranger to this. Last week, we saw it closing a candle that can be described as a "bottom maker". We've seen this type of candlestick form right before reversals before.

Simply put, ETH is likely forming a bottom of its own, with its eyes set on $2,000. This is a powerful psychological level that we need to tackle first before seeing higher prices, so make sure to take some profits out once we reach that level - you never know what might happen.

Now that you know all this, you might wonder about our predictions for the next steps and how you should prepare for them. Don't worry – we've got you covered.

Cryptonary’s take 🧠

The most pressing matter on your mind today should be the outcome of the Grayscale lawsuit. The verdict will likely have a short-term impact on Bitcoin, but in the longer perspective, we are headed in a positive direction.

There's a strong chance that we could get a verdict today. Even if the decision doesn't come today, the odds favour it happening this year. We recommend joining Zoomer News and infinityhedge on Telegram to stay updated on this news.

But you know the drill – staying in the loop with the latest updates is crucial in avoiding unexpected twists. And that's precisely why we're here, keeping you in the know.

As always, thanks for reading! 🙏

Cryptonary, out!