ETF speculation was re-ignited this week on the back of an appeals court’s decisive ruling in favor of Grayscale in its suit against the SEC over ETF conversion of GBTC. Importantly, the ruling did not imply the imminent approval of Grayscale’s conversion or the approval of other spot bitcoin ETF products and may leave the SEC more avenues to delay such approvals, but the result clearly seems to move the process forward, as evidenced by Bloomberg’s ETF team raising their probability of spot ETF approval by year-end to 75%. While much of the mainstream financial press spent the week analyzing the implications of this court ruling, we note the week’s macro indicators continued to flash red, with both payrolls and job openings data heading south.
Ten31 Timestamp 806,208
Ten31 Timestamp 806,208
Ten31 Timestamp 806,208
ETF speculation was re-ignited this week on the back of an appeals court’s decisive ruling in favor of Grayscale in its suit against the SEC over ETF conversion of GBTC. Importantly, the ruling did not imply the imminent approval of Grayscale’s conversion or the approval of other spot bitcoin ETF products and may leave the SEC more avenues to delay such approvals, but the result clearly seems to move the process forward, as evidenced by Bloomberg’s ETF team raising their probability of spot ETF approval by year-end to 75%. While much of the mainstream financial press spent the week analyzing the implications of this court ruling, we note the week’s macro indicators continued to flash red, with both payrolls and job openings data heading south.