Bybit: BTC MVRV Dips Below 1, SEC Delays Decision on Spot ETF
Chart of the Day
The equity markets rebounded on the news that U.S. and China are close to resolving the impasse over audit inspections. However, the bullish sentiment did not ripple to the crypto market, which continued its sideways movement on Thursday. As of the time of writing, BTC is trading slightly below the $21.5k level after posting a marginal loss in the last 24 hours. The largest crypto by market cap is struggling to gain pace above the $21.7 to $22k resistance zone, and will likely retrace to the $21k level if it fails to clear the resistance. BTC’s MVRV value faltered and dipped in the undervalued territory (below 1) after the recent price appreciation.
In a similar vein, ETH saw a more pronounced downside correction as it shed 1.7% of its market value in the same period. The second largest cryptocurrency by market cap is still changing hands in the upper region of the $1,600 mark. The basis of the forward-month futures declined significantly despite minor price changes. The gamma exposure suggests that market volatility will likely increase at existing price levels. Most major altcoins have flipped red, with the exception of SHIB and ADA, as both saw more than 1% increase over a similar time frame.
Talk of the Town
The U.S. Securities and Exchange Commission (SEC) delayed VanEck’s most recent bid to create a spot BTC ETF. The deadline of a final deliberation has been pushed to Oct. 11, when the SEC would “either approve or disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.” VanEck’s previous attempt at applying for a spot ETF was denied last November after months of deliberation. Meanwhile, applications from other firms to create the first U.S-based BTC ETF, including that from Grayscale, have all been denied by the SEC, citing investor protection and market manipulation concerns.
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