Bitcoin traders continue to wait for a decision in the SEC vs Grayscale case and it could come today. Decisions are usually released Tuesday and Friday and usually at 11 am ET (but can be any time between now and noon).
We’ve been on watch for a decision for weeks now and the anticipation is building. There’s a good chance the D.C court will rule that the SEC improperly rejected the Grayscale application to convert to an ETF. The result of that would likely be that they have to re-apply, which would reset the clock and put them behind applications from Blackrock and others.
However if that is the ruling it would still be positive for bitcoin because it would mean than an ETF is coming. Perhaps more worrisome for the bulls is that CryptoQuant reported earlier today that bitcoin trading volume is at its lowest in more than four years.
On the bullish side, there is speculation that Yevgeny Prigozhin, who died in a plane crash last week, may have held the fifth-largest bitcoin wallet. If that’s burned, it would diminish supply. On the other hand, if he left the key to his estate, it could ultimately be liquidated.
Reuters has more on the SEC court case here, with an important note:
During oral arguments, a panel of judges pressed the SEC, at times appearing skeptical of the regulator’s decision to approve bitcoin futures ETFs but deny spot bitcoin ETFs. Judge Neomi Rao said the SEC had “not offered any explanation” as to why Grayscale was in the wrong.
However, some former SEC lawyers have cautioned against reading too much into such comments, noting that courts are traditionally reluctant to undermine federal agencies.
The decision will be published here.