On Saturday, BitMEX research released the latest BTC-spot ETF flow data. GBTC outflows reached $640.5 million on the 7th trading day before falling to $255.1 million on the 11th. Significantly, the BTC spot ETF market recorded net inflows for the first time in five sessions.
Importantly, Eric Balchunas, ETF analyst at Bloomberg Intelligence endorsed for BitMEX Research numbers.
The evolution of the Crypto-spot ETF market will continue to be a focal point for investors. New BTC spot ETF launches and altcoin spot ETF approval could materially change the US crypto landscape. However, SEC cases against crypto companies need to be considered.
SEC v Crypto: Crypto Community Awaits Fundamental Court Rulings
The course SEC case against Ripple continues to attract the attention of investors. In July, Judge Torres ruled that XRP is not a security in programmatic sales and rules that XRP is a security in sales to institutional investors.
The SEC and Ripple are making progress in discovering related solutions. Following discovery related to remedies, the SEC and Ripple will argue for and against a punitive penalty for XRP sales to institutional investors. Ripple did not register XRP as a security, violating Section 5 of the Securities Act of 1933.
While the ruling will attract investor interest, the SEC plans Appealing the ruling on programmatic XRP sales remains an obstacle for XRP.
The SEC v Ripple case has been ongoing since December 2020. However, the SEC vs. Coinbase (CURRENCY) case could have more significant implications for the US digital asset space. On January 17, Judge Katherine Failla heard oral arguments regarding Coinbase's motion to dismiss.
In August, Coinbase filed a motion to dismiss (BAT), arguing that the SEC lacked legal authority to regulate crypto exchanges. Elliot Stein, legal expert at Bloomberg Intelligence award-winning The hearing prevailed over Coinbase, saying Coinbase provided Judge Failla with a more compelling definition of an investment contract.
If Judge Failla grants Coinbase's MTD, the courts could dilute the SEC's powers to regulate the US crypto market.
Coinbase CLO Grewal discusses Revak v. SEC Realty
On Saturday, Amicus Curiae attorney John E. Deaton responded to a post by Coinbase Chief Legal Officer Paul Grewal, saying:
โWhen people mentioned the district court's ruling in LBRYcom, my response, always, was: read the Second Circuit's Revak case. LBRY was a case governed by the First Circuit and the SG case. The Ripple and Coinbase cases are governed by the Second Circuit and Revak.โ
Grewal had this for say on the case of Revak v. SEC Realty,
โThere is a lot to love about Revak v. SEC Realty (2d Cir.). But two things stand out above all others in belying the absurdity of a definition of access to the "ecosystem" of an investment contract... 1/3โ
Grewal provided two points of view,
โFirst of all, how perfect is it that the defendants called themselves โSECโ?
AND
โSecond: we do not interpret Howey's test as being met so easily. If a common enterprise can be established simply by demonstrating that the fortunes of investors are tied to the efforts of the promoter, Howey raises two separate questions: whether a common enterprise exists and whether investors' profits should be derived solely from the efforts of others โ are effectively merged into a single investigation: โwhether the coincidence of the investments together depends essentially on the experience of the promoter.โ
Technical analysis
bitcoin analysis
btc remained above 50 and 200 days It's notaffirming bullish price signals.
A BTC break above the $42,968 resistance level would support a move towards the $44,690 resistance level.
On Sunday, news related to the SEC v crypto case and talks related to the BTC spot ETF deserve investors' attention.
However, a drop below the 50-day EMA would give the bears a run towards the $39,861 support level.
The 14-day RSI reading of 50.80 indicates a move of BTC to the resistance level of $44,690 before entering overbought territory.
