“It doesn't mean that now Grayscale will be 100% able to list a spot Bitcoin ETF, nor that this will happen in the future,” one trader said.
Bitcoin prices surged some 7% on Tuesday after weeks of slumber as traders reacted to hopes of the long-contended Grayscale Bitcoin spot ETF getting approved in the U.S. following a court decision.to convert the Grayscale Bitcoin Trust into an exchange-traded fund. This could potentially open the door for a spot bitcoin ETF in the U.S - even as the SEC has disapproved every such ETF application it's reviewed to date.
“Looking at the bigger picture and analyzing the whole digital asset market, trading volume remains extremely low. The cumulated volume on centralized exchanges for the month of August totals roughly $400 billion, the lowest number since December 2020,” Greco stated. "While the decision does not yet mean that the first US bitcoin ETF will be approved, the court ruling It follows a pattern of legal escalation between regulators and digital asset players who have been giving solid arguments to support their case,” said Guilhem Chaumont, co-founder of trading firm Flowdesk in a message to CoinDesk.
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