Happy Saturday to everyone and this is the weekend time. Anyway, After the delay of all the applications, the New deadline is October 17 and currently, September month has just started but it is going to be a bad month for the cryptocurrency market because of this negative update. I think this is a big negative update. Two days ago I shared an analysis video on it and I said that you should not be over-excited about the grayscale victory and the bitcoin pump because SEC will review the application. And you can see what happened. However, there are multiple ETF applications pending so we will see delays, cancelations, and approvals. And this is going to affect the bitcoin price directly. Because ETF approval is not a small thing and it can make a huge impact on the cryptocurrency price. From the beginning, whales observe the situation and they know the potential of bitcoin that is why there are multiple big companies in the queue for ETF approval. In the near time, we will see a boom.

BlackRock and Fidelity Are Big Names

BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets’s ETF are pending. Blackrock and Fidelity are big names and you know Wise Origin’s parent company. These companies can bring huge money into the crypto space. If Blackrock’s bitcoin is approved then it will be a reason for the bull season because BlackRock is one of the largest fund management companies in the world. You can know more details by reading the details about blackcock in Google. Totally the point is these companies know the potential of Bitcoin and crypto. And they are buying bitcoin in the background so think about the long term.

Grayscale ETF Approval

As I mentioned in my 2-day-old video. The victory of grayscale is like the ripple case that won the case against the SEC as well. That update created hype too and now the Grayscale lawsuit victory has also created hype but now Bitcoin is again back to the 25k. The point is this is not a final verdict because within 21 days SEC can review this. So this is the short-term pump. However, this news is positive for the crypto community and it increases the weight of the grayscale side and that is why the ETF approval chances are higher for grayscale. I think it will approved before the Blackrock and fidelity.

Background Bitcoin buying game

The current market dump is like a game of the whales and they are buying bitcoin. The situation will not be like this forever, once they complete the buying, the next move is to spread the positivity in the market and create the hype for the bull run. Also, bitcoin halving is coming and this is the biggest ever event. After the bitcoin halving bitcoin will create a new all-time high for sure so instead of panicking, it is time to prepare for it. This delay is for the short term so be patient.

I hope you liked this analysis.

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Lucky Ali