When will the SEC allow the first spot ETF? Bitcoin “cheap”?!

Digital Asset News

Inconsistent approval, barely compliant criteria, the Wall Street Journal criticizes SEC chief Gensler’s consistent rejections of a direct bitcoin ETF. The scathing opinion piece chides Gary Gensler – head of the U.S. Securities and Exchange Commission – for his “legendary” persistence in rejecting a first “direct” bitcoin ETF for the U.S. market. First and foremost, the argumentation and its inconsistency is causing the Wall Street Journal to frown, because in similar cases, such index funds for other investment products are often waved through without further ado.
Accordingly, the crypto industry has so far cut its teeth on the SEC chief regarding the introduction of a direct ETF. Thus, even the applications to that effect from major investment firms such as Grayscale and Bitwise have been consistently rejected. For this reason, Grayscale has now even initiated legal action against the SEC.
Meanwhile, her supervisor’s constant rejections have even prompted SEC Commissioner Hester Peirce to describe Gensler’s attitude as downright “legendary.” So she asks:
“At what point do Bitcoin’s market maturity and the success of similar investment products in other countries [for example, direct Bitcoin ETFs have already been approved in Canada and Europe] weigh heavily enough to tip the scales toward approval?”
However, there is no response from Gensler to these allegations yet, but it is visibly increasing the pressure on the SEC.

Bitcoin (BTC) currently offers the best price-performance ratio since the market-leading cryptocurrency was a measly $1,130 just several years ago.
At least that’s the conclusion of Jurrien Timmer, director of global macro at major asset manager Fidelity Investments, who calls BTC “cheap” and “tempting” in the associated Twitter thread. Although some experts continue to warn that there will be further losses this year, others suggest that the current prices are more rewarding than ever.
“I calculate the price per million non-zero addresses to derive the actual market value of Bitcoin. The chart below shows that the market value is now already as cheap as it was in 2013, even though the actual price is where it was in 2020,” as Timmer elaborates on his calculations. To which he adds, “In other words, Bitcoin is cheap.”
Yet the price/network ratio is not the only metric that offers hope for investors in the current bear market. For example, the expert points out that Bitcoin’s adoption curve is also currently still at a similar level to the early Internet.
Price movements cannot be predicted by anyone, so such information should always be taken with a grain of salt. However, it does indicate that low prices in intact markets will provide good long-term opportunities.

The bitcoin price could have its best week since March, but Sunday and Monday morning are putting the brakes on euphoria. As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD has thus already lost parts of the gains made during the week, actually the market-leading cryptocurrency was on track to deliver the best weekly close since March. So, with the jump out of the price range seemingly unable to continue, bitcoin is giving some observers reason to be pessimistic about the week ahead.
“The market is showing positive divergences for the longer time horizon, but still the sentiment is like a funeral,” as Cointelegraph expert Michaël van de Poppe notes. To which he adds, “It could go down again and fast.”
At least there is also a good sign for crypto investors, because the so-called Reserve Risk indicator gives hope. For example, the Reserve Risk indicator, which tracks sentiment among long-term investors, is currently at its lowest level in a long time. This would mean that a final bottom could become more likely in the coming months.