Analyst: ‘SEC will accept Bitcoin spot ETFs, But!’

While BlackRock’s spot Bitcoin ETF application made a big impact in the world, it was also a matter of curiosity how the US Securities and Exchange Commission (SEC) would respond. After this message from the SEC, which recently announced that “Applications are insufficient”, many companies, including BlackRock, have updated their applications.

While many experts claim that eventually applications will be approved, one of them was Gareth Soloway. Soloway, who gave an interview to the financial publishing company Stansberry Research, which has more than 600 thousand followers on Youtube, said that ETF requests will definitely receive positive demand, like many experts. Referring to the negative steps taken by the SEC on cryptocurrencies, the analyst said:

At some point these applications will be accepted. The SEC is going to throw a bone to the crypto markets and say, “I have treated you badly until now, I have destroyed your dreams. Let this be one of the good steps.” I don’t think Bitcoin spot ETFs will be at the ‘game changer’ level either. Cryptocurrency markets are driven by emotions. I don’t think ETFs will act like gold ETFs.

Evaluating the price trend in Bitcoin, Soloway stated that the $ 30-31 thousand level could not be broken upwards and the drop option is still on the table:

Bitcoin has been trying to exceed 30-31 thousand dollars since April 14… However, it still could not pass here. He still hasn’t succeeded. As long as we can’t get past this place permanently, 20 thousand, 15 thousand or even lower prices may come. That’s why it’s still good to be cautious… As a 20-year-old ‘trader’, I have to say that the bear season is not over yet. Those who have experienced the ‘dotcom’ collapse know. Bear season shatters dreams. In crypto, that hasn’t happened yet. So I still think there might be a downside move.