Can Bitcoin surpass $30,000 after the SEC withdraws from the legal battle against Grayscale?

The US Securities and Exchange Commission (SEC) has chosen not to join a legal dispute with Grayscale Investments, a well-known digital asset management company. This decision may be related to the SEC’s re-evaluation of Grayscale’s ETF application.

ETF season

ETF analyst James Seyphart confirmed that discussions between Grayscale and the SEC will begin next week. An update is expected within 2 weeks.

The move sparked speculation about its potential impact on Bitcoin, however, the news did not have an immediate impact on the asset’s price, as Bitcoin prices rose only slightly over the past 24 hours.

Bitcoin briefly reached $27,000 and returned to the current price of $26,867.

Meanwhile excitement is building over ETF approval. This is evidenced by a 38% increase in mentions and interest in Bitcoin on social media. However, despite this increase in interest, confidence in Bitcoin is declining.

Bitcoin holders remain optimistic

Bitcoin’s NVT signal has reached a 5-year high, reaching 1,779.542 at press time. The NVT signal is the ratio of network value to transactions. This indicates that Bitcoin is still actively trading.

Additionally, data from Glossnode indicates that there are more than 100 Bitcoin holders or lost Bitcoin. 7,906,228.227 Bitcoin, the highest in 5 years

This indicates confidence in the long-term value of Bitcoin, as they have held the asset and not moved for a long time.

However, there is something interesting as well, as data from CoinGlass showed that Bitcoin short positions reached 53.7%, up from 44%.

This may be an indication that market participants are betting on short-term prices. This may be affected by ETF approval news.

source: Umcrypto

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