10x Research: The Market is Awaiting "Signals" from the SEC Chair on Crypto Investment Risks

PANews reported on May 23 that 10x Research posted on Platform X stating: "A few hours before the approval of the Bitcoin spot ETF, SEC Chairman Gary Gensler tweeted that cryptocurrency investors should consider all potential risks before making any investments. Around 9 AM Eastern Time this morning, there might be a tweet providing more clear information on whether the approval is imminent. As the SEC previously issued warning signals before the listing of cryptocurrency futures-related ETFs, it is also evident that a Bitcoin ETF will be approved in January 2024."

10x Research further stated: "Today, the market will be waiting for a similar 'warning.' However, approval seems to be a mere formality, as the discount on the Grayscale Ethereum Trust has narrowed from -30% a week ago to just -8%. An 8% discount implies at least a 90% probability of ETF approval. The trust fund manages assets worth $11 billion, which is quite substantial, and we might see some investors cashing out their gains. The key question remains, if approved, when these ETFs will start trading."