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Grayscale Bitcoin Trust

<p class="is-style-lead">Grayscale’s Bitcoin Trust conversion into an ETF seems imminent as the SEC’s attempt to block fails, paving the way for possible broader Bitcoin spot ETF approvals in the US.</p>
<p class="is-style-default">The long-awaited conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) exchange-traded fund (<a href="https://crypto.news/tag/etf/" data-type="link" data-id="https://crypto.news/tag/etf/" rel="noopener noreferrer nofollow">ETF</a>) appears close at hand following a failed appeal by the Securities and Exchange Commission (SEC) to block the move.</p>
<p>According to an Oct. 16 video by famous cryptocurrency analyst CryptosRUs, the deadline for the SEC to appeal a recent court ruling in favor of Grayscale has passed. The order struck down the SEC’s reasons for previously denying conversion of the Trust into a spot Bitcoin ETF.</p>
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<p>With no valid objections left after declining to appeal, he suggests Grayscale can now reapply for conversion with high chances of approval. The SEC would have to provide a new rationale to deny the application, which it is unlikely to do after losing in court.</p>
<p>You might also like: <a href="https://crypto.news/grayscale-gbtc-discount-hits-2-year-low-as-market-eyes-btc-etf-approval/" rel="noopener noreferrer nofollow"> Grayscale GBTC discount hits 2-year low as market eyes BTC ETF approval </a></p>
<p>Many industry experts have long predicted the conversion of GBTC into an ETF as the most viable route for approval of a Bitcoin spot ETF in the US. Other high-profile asset managers like ARK Invest have spot Bitcoin ETF proposals pending, but experts believe the SEC’s approval for Grayscale could open the floodgates for others.</p>
<p>The apparent imminent ETF conversion comes at an opportune time. As CryptosRUs points out, Bitcoin appears oversold based on the relative strength index (RSI). With bullish sentiment drained after <a href="https://crypto.news/tag/ftx/" data-type="link" data-id="https://crypto.news/tag/ftx/" rel="noopener noreferrer nofollow">FTX’s</a> implosion, the analyst suggests it now represents an ideal accumulation phase.</p>
<p>CryptosRUs compares the current period to the 2018-2020 bear market, which paved the way for Bitcoin’s meteoric rise from under $4,000 to nearly $70,000. The YouTuber argues the recent FTX-induced crash from $69,000 to $28,000 may have curtailed an even more parabolic 2021 bull run.</p>
<p>Read more: <a href="https://crypto.news/ark-invest-and-21shares-refine-bitcoin-etf-filing-hint-at-progress/" rel="noopener noreferrer nofollow"> ARK Invest and 21Shares refine Bitcoin ETF filing, hint at progress </a></p>

Grayscale ETF to bring imminent change to crypto, analyst says

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