Monday's rumor-led pop in BTC showed there is plenty of dry powder waiting to cheer SEC's potential ETF approval.



Bullish sentiment has returned to the options market since the mistaken report.

Monday's false report that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's spot Bitcoin (BTC) exchange-traded fund (ETF) saw the cryptocurrency spike 10% to $30,000 before quickly settling back to $28,000.

The rumor-led price swing was perhaps bad optics for the crypto industry, validating the SEC's persistent concerns about manipulation and surveillance shortcomings.

That said, it had a silver lining. The rally shows there's plenty of dry powder waiting to enter the market on approval of such an ETF. Monday's pop also challenged the notion that approval has been priced in.

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