Cryptocurrency traders are watching today as they await the verdict on the Greyscale Trust vs. SEC case in the D.C. Circuit Court at around 11 AM (or just before that) this morning. It’s not necessary that the decision comes at that time, or even today, but decisions are usually rendered on Tuesdays and Fridays.
Blockworks has released a report today stating that the court could request a re-evaluation of the application to convert the Grayscale Bitcoin ETF into a spot Bitcoin ETF. Such decisions could reset the clock and take up to 240 days
It’s difficult to predict how the market will react to any positive decision, but with caution. In my opinion, this is good news for Bitcoin as it implies an ETF is on the horizon, although Greyscale might lag behind. This could potentially close the gap in GBTC over time, but waiting for 240 days compared to a 26% premium might not be worth the uncertainty.
Bitcoin is down by approximately 0.4% today.