TechFlow news: 10x Research said in its latest report that hours before the approval of spot Bitcoin ETFs, U.S. SEC Chair Gary Gensler posted on X, reminding cryptocurrency investors to consider all potential risks before making any investment. Based on historical patterns, a similar post may appear around 9 a.m. Eastern Time this morning, which could more clearly signal whether ETF approval is imminent.
Just as the SEC previously issued warning signals ahead of ETFs linked to cryptocurrency futures, Gensler’s January 2024 warning also indicated that Bitcoin ETFs would be approved. Today, the market awaits a similar "warning." However, approval now appears to be merely a formality, as the Grayscale Ethereum Trust's discount rate has narrowed from -30% a week ago to just -8%, implying at least a 90% probability that the SEC will approve the ETF. With $11 billion in assets under management, the trust is sizable and could see some investor outflows. The key remaining question is when these ETFs will begin trading if approved.
