According to BlockBeats, on May 23, 10x Research posted on social media that a few hours before the approval of the Bitcoin spot ETF, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), tweeted that cryptocurrency investors should consider all potential risks before making any investments. Around 9 a.m. Eastern Time that day, there might be a tweet providing more explicit information about the impending approval.
As the SEC had previously issued warning signals before the listing of ETFs related to cryptocurrency futures, January 2024 also clearly indicated that the Bitcoin ETF would be approved. The market was waiting for a similar 'warning' that day. However, the approval seemed to be a mere formality, as the discount of the Grayscale Ethereum Trust Fund had shrunk from -30% a week ago to only -8%. An 8% discount implies that there is at least a 90% chance of ETF approval.
The trust fund, which manages assets worth $11 billion, is quite substantial and may see some investors cashing out their profits. The key question remains, when will these ETFs start trading if approved.