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⚡D-Day for Bitcoin ETFs☠️

Croxroad

13 Oct 2023 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🙏 Will the SEC Greenlight Bitcoin ETFs on October 13?

Many people involved in cryptocurrency are eagerly waiting to hear whether the US Securities and Exchange Commission (SEC) will give the green light or reject the numerous applications for spot Bitcoin ETFs from big financial players like BlackRock and Fidelity. The reason for this anticipation is that some experts believe that if the SEC does approve these ETFs, it could potentially lead to a significant surge in the value of Bitcoin and boost confidence in the entire crypto market. However, not everyone is convinced this will happen quickly. A well-known crypto investor, who goes by the name Crypto Rover on Twitter, has made a bold prediction that the SEC might announce its decision on October 13. This date is significant because it's the deadline for the SEC to appeal the Grayscale Bitcoin Spot ETF decision, adding to the intrigue and anticipation surrounding the situation.

If the SEC doesn't appeal the court's decision by the end of Friday, it could mean that they're essentially left with no option but to approve all the pending Spot Bitcoin ETF applications. This assumption comes from the idea that once they let one through, they might have to let others follow suit. Cathie Wood, the CEO of ARK Investment Management, shares this belief, suggesting that the SEC might approve multiple Bitcoin ETFs at once, not just one. James Seyffart, an ETF analyst at Bloomberg Intelligence, supports this theory, emphasizing that it might be the easiest path for the SEC to take. These Spot BTC ETFs track the real-time price of Bitcoin and provide a way for investors to get exposure to Bitcoin's value without actually owning it. While similar products exist in Canada and Europe, they're yet to be approved in the United States.

In the world of cryptocurrency, everyone's on the edge of their seats, waiting for the US SEC to make a call on spot Bitcoin ETFs from major financial players. Crypto Rover believes that if the SEC doesn't appeal by the end of Friday, we could see approval for all the pending Spot ETFs. This date coincides with the SEC's deadline to appeal Grayscale's ETF decision. Notably, industry experts like Cathie Wood also think the SEC might give the green light to multiple spot Bitcoin ETF applications at once, potentially reshaping the crypto landscape.

⬇️ Google Searches for Bitcoin Hit 2020 Low

Interest in Bitcoin, as reflected in Google searches, has taken a significant dip, dropping to levels not seen in three years. The Google Search trend, as pointed out by Ki Young Ju, the co-founder and CEO of CryptoQuant, was at an incredibly low value of 16 during the first week of October. This suggests that people are currently not as actively searching for information about Bitcoin on the world's most popular search engine, which might indicate a temporary lull in the public's curiosity or attention towards the cryptocurrency.

Despite Bitcoin's dominant position in the world of digital currencies by market capitalization, it has experienced a significant decline in its social sentiment ranking as per Google Search trends. The data indicates that Bitcoin's search interest volume has dropped from its peak at 100, which it reached in the week ending May 22, 2021. In Google's scale, a value of 100 signifies that a search term is at the height of its popularity, 50 represents moderate popularity, and a value of 0 indicates that there isn't enough data to gauge its popularity. This decline in Google search interest suggests a decrease in public interest or attention surrounding Bitcoin, despite its leading position in the cryptocurrency market.

Even though Bitcoin's search interest isn't at zero, its current value reflects its struggle to rebound from what was famously known as the "crypto winter." Despite the buzz about a potential spot Exchange Traded Fund (ETF) approval by the US SEC, Bitcoin's search interest remains lower than in previous times. This declining sentiment is not unique to Bitcoin, as many Web3.0 terms have also seen their search popularity drop to multi-year lows. For instance, during the same period, search scores for terms like Bitcoin ETF, Ethereum, Chainlink, and Shiba Inu were just 5, 7, 15, and 3, respectively, indicating a general decline in interest across the crypto landscape.

🥤 Cup and Handle

The cup and handle pattern is a visual phenomenon in financial charts that resembles the shape of a cup, hence its name. It's typically viewed as a bullish reversal pattern, suggesting that after a price reaches a certain level and then retreats, it may eventually climb back up. However, it's important to note that this pattern can provide both bullish and bearish signals. The outcome depends on when it occurs within the price cycle and how other factors align with it.