Bloomberg Intelligence ETF Analyst James Seyffart shared updates on 19b-4 amendment filings. Grayscale, BlackRock (BLK), and Bitwise Invest were among the issuers to file 19b-4 amendments. ARK/21 Shares, Fidelity, Franklin, Invesco/Galaxy, and VanEck filed their 19b-4 amendments on Tuesday.
Seyffart believed the Whitehouse pressured the SEC to U-turn on ETH-spot ETFs, saying,
“This was a political decision. […] I think this was a decision from above, possibly above the SEC’s head, like Biden, the Biden Admin that’s decided that it’s not worth fighting this. We might even lose in court if we try to do this and somebody sues us and we’re losing the votes. People are going to go to Trump solely because of the stance here, and it’s just not worth it.”
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas expects the SEC decisions at around 1600 New Jersey time.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, affirming the bullish price signals.
A BTC breakout from $70,000 could support a move to the $73,808 all-time high. A breakout from $73,808 could give the bulls a run at the $75,000 handle.
US economic indicators, US BTC-spot ETF market flow data, and the SEC decision on the ETH-spot ETF applications need consideration.
Conversely, a BTC break below the $69,000 support level could give the bears a run at the 50-day EMA and the $64,000 resistance level.
With a 61.57 14-Daily RSI reading, BTC could climb to the all-time high of $73,808 before entering overbought territory.
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