Rumour Alert! Is a Bitcoin ETF Approval Imminent in the Next 24 Hours?

In a tweet that has both electrified and polarized the crypto community, YouTuber That Martini Guy claims that a Bitcoin ETF approval is “reportedly expected within 24 hours.” While some view this as breaking news, others question its legitimacy, raising concerns about the lack of sourcing and the potential for market manipulation. So, what’s the real deal here?

The rumor gained some credibility following recent public comments by SEC Chairman Gary Gensler, who has confirmed that as many as 8–10 spot Bitcoin ETF applications are currently under review. These statements have propelled Bitcoin’s price and volume in the past week, suggesting that some traders are already positioning for a possible ETF approval.

Tweets, Trolls, and Trials: The Public’s Mixed Reactions

Interestingly, Martini Guy’s tweet has drawn mixed reactions. One user questioned the absence of sources in the claim, suggesting that such behavior could be sued for market manipulation. Another queried if this was a mere exercise in “engagement farming.” 

As we speak, Bitcoin is trading at $36,000 and teasing the possibility of an all-time high. Trading volumes have spiked, and Fibonacci ratios indicate that Bitcoin could challenge higher valuations. 

While optimism abounds, especially among traders who have maintained long positions, a “sell-the-news” event post-approval is a darker possibility lurking. Experts like Hayden Hughes, co-founder of Alpha Impact, predict that the market may already have priced in the rumored approval. This leads to potential profit-taking and subsequent price drops once the news materializes.

The surge in Bitcoin comes amid a backdrop of global uncertainty marked by rising Treasury yields and geopolitical risks. Despite these challenges, Bitcoin has outshined traditional investment vehicles, establishing itself as a digital store of value. However, it’s worth remembering that these gains are fragile; regulatory approval does not necessarily spell sustained price gains.

Amid this turmoil, Bitcoin seems to be stealing Gold’s limelight as the go-to store of value. Mike McGlone, Bloomberg’s Senior Macro Strategist, notes that Bitcoin’s recent trajectory could significantly alter its valuation metrics in relation to Gold, heralding a new chapter in the asset’s history.