Grayscale Wins, $29k Becomes Key Level to Watch

Market Update GRAYSCALE WINS. It's official—the courts have ruled that the SEC acted in an arbitrary and capricious manner when denying the spot Bitcoin ETF. In the wake of this news, cryptoassets, trusts, and crypto equities are experiencing strong rallies. This development will likely pave the way for a Bitcoin ETF to enter the market and could lead to the conversion of existing trusts into ETF products.Source: Court Decision in Grayscale v SECIt's crucial to note that this ruling does not automatically greenlight a Bitcoin ETF. Instead, it invalidates the SEC's initial reasons for rejecting Grayscale's application for a spot Bitcoin ETF. Now, the SEC is mandated to reevaluate Grayscale's application. From what we currently gather, they have four options: (1) Identify another rationale for denying the spot Bitcoin ETFs, (2) appeal the court's decision within 45 days, (3) potentially revoke approvals for futures-based ETFs to justify the spot ETF denial, or (4) approve the spot Bitcoin ETFs to comply with the judicial system and avoid further losses in litigation. We are inclined to view option 4 as the most likely outcome. However, we can't entirely dismiss other possibilities. There are several key dates for ETF approvals on the horizon (table below). Notably, the next dea