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Economist and trader Alex Kruger has taken to the X app (formerly known as Twitter) to share his take on the likely direction of the crypto market's price movement after the SEC does or does not make a ruling about the Bitcoin spot ETF filed for by Ark Invest.
Kruger commented on a recent tweet by Bloomberg analyst James Seyffart about the decision of the Securities and Exchange Commission regarding the Bitcoin spot ETF filed for by Cathie Wood's Ark Invest and 21 Shares.
"Prices will run and not look back"
The application was submitted in the middle of May, which makes the deadline for the SEC's decision on it Aug. 13. However, since this date falls on a Sunday, the regulator is expected to rule on this one by the end of today, Friday, Aug. 11.
Alex Kruger wrote in his X post that regardless of whether the SEC approves or turns down the Bitcoin ETF launch filing or even requests additional time for considering it, it will not matter for Bitcoin. It has been priced in, the economist believes.
As reported by U.Today, on July 12, the securities regulator announced it needed more time to review the Ark Bitcoin spot ETF application.
Heads up, bitcoin ETF news tomorrow. A delay is almost a certainty and likely fully priced in. If by any chance the SEC approves or rejects the ARK ETF, prices will run and not look back. https://t.co/SXuIWcX7nd
— Alex Krüger (@krugermacro) August 11, 2023
Over the past couple of years, the SEC has approved of several Bitcoin futures ETFs; however, it has been actively resisting the emergence of Bitcoin spot exchange-traded funds. After it rejected the filing of Grayscale to convert its Bitcoin fund into an ETF, the company sued the regulator, hoping to reach its goal in court.
Among other financial giants who submitted filings to set up BTC spot ETFs are the largest global fund manager BlackRock, Fidelity, VanEck, Bitwise and several others. Cathie Wood believes that the SEC might approve of several Bitcoin spot ETFs simultaneously.
Vladislav Sopov
Denys Serhiichuk
