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Bitcoin’s Historic 184 Billion Bug: Unearthing Satoshi’s Swift Response

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In a remarkable revelation, Coinbase director Conor Grogan, known as “Conor” in the crypto circles, has unearthed a rare incident from the annals of Bitcoin’s history. This incident refers to when the enigmatic Satoshi Nakamoto roamed the digital realms in August 2010. It’s worth noting that recorded history shows Nakamoto bidding farewell to the community in December of that same year.

Grogan recollects a staggering event over 13 years ago, when a savvy individual exploited a bug in the system, conjuring a mind-boggling 184,467,440,737 Bitcoins. This exploit took place during the mining of BTC block 74,638 on a fateful August 15th morning at 7:53:59 a.m.

The block birthed the infamous “184 billion bitcoin bug,” giving rise to an astronomical 184,467,440,737.09 BTC, neatly divided between two addresses, each receiving 92233720368.54 BTC. This feat was possible due to a critical oversight in the code, which failed to anticipate such colossal outputs, leading to an overflow when tallied.

Bitcoin’s Battle With The Unknown Adversary

After a fraudulent transaction compromised BTC’s network, Satoshi Nakamoto, the creator of the cryptocurrency, quickly responded by initiating a fork to remove the malicious transaction and any associated transactions from the ledger. It is worth noting that the perpetrator’s identity behind this exploit remains unknown.

A version of the Bitcoin client was swiftly deployed, integrating a soft forking modification to the consensus rules. This change rejected transactions exhibiting value overflow and any transaction exceeding 21 million Bitcoins in output for any reason.

Since its inception in 2009, BTC’s journey has been extraordinary. One unchanging facet is the hard cap, meticulously encoded by the elusive Satoshi Nakamoto. This cap restricts the maximum supply to an unalterable 21 million, implying that no further units can be mined or disseminated.

The Bitcoin blockchain, subject to constant scrutiny by the entire network, is heralded as impervious to hacking attempts. As a result, breaching this fortress is deemed exceedingly improbable. BTC has weathered the storm to date, never succumbing to a 51% attack or experiencing any downtime, even for a fleeting moment.

Related Reading: | Bitcoin’s Q4 Puzzle: Analyst’s Bullish Signal Amid Market Divisions

Bitcoin’s October Surprise: Soaring Above $28k Shatters Bearish Predictions

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October kicks off with a bullish surprise in the world of cryptocurrencies, as Bitcoin makes a significant recovery, surpassing $28,000 on the first day of the month. This surge has defied many bearish forecasts that had overshadowed the cryptocurrency throughout September.

Santiment, a blockchain analytics firm, took to Twitter to announce the notable milestone. BTC had not seen such heights since August 17th. Additionally, data revealed that wallets holding between 10,000 and 10,000 BTC accumulated a staggering $1.17 billion since the beginning of September. 

As a result, the possibility of Bitcoin returning to a market value of $30,000 or more is becoming increasingly likely unless these wallets decide to unload their holdings.

The sudden upward momentum in Bitcoin’s price has caught many analysts off guard, especially those who had made bearish predictions for September. One such analyst, Benjamin Cowen, who had previously foreseen a plunge in Bitcoin’s value to $23,000 by the end of September, has had to revise his prediction. 

Currently, BTC is trading at approximately $28,300.68, defying Cowen’s earlier pessimistic forecast. The lack of market volatility and sufficient liquidity appears to have played a crucial role in BTC’s resilience, preventing it from reaching the $23,000 level predicted by Cowen.

Source: CoinMarketcap

Bitcoin: Positive Sentiments & Strategies for “Uptober”

Market observers have expressed their appreciation for BTC’s resurgence. A well-known analyst, Michaël van de Poppe, remarked that Bitcoin’s return to $28,000 indicates an upward trend. He predicts that altcoins will follow suit as Bitcoin consolidates, making the upcoming quarter exciting for cryptocurrency enthusiasts. 

Van de Poppe also suggested that buying the dip may be a profitable strategy, with possible retests at lower boundaries, such as $27,000-27,500, before a potential push beyond the $30,000 mark.

Other prominent analysts, including Jelle and Gert van Lagen, echoed the sentiment of a bullish trend. Jelle noted that Bitcoin had broken its mid-term downtrend, retested it, and was embarking on the next leg upward, welcoming what he termed “Uptober.”

Gert van Lagen highlighted BTC’s breakout from a descending channel that had persisted for over two years, marking a significant milestone for the cryptocurrency.

However, Bitcoin’s surprising resurgence above $28,000 at the beginning of October has confounded bearish predictions for September. With market sentiment turning increasingly bullish, cryptocurrency enthusiasts are eagerly watching to see if BTC can sustain its upward momentum and potentially breach the $30,000 threshold in the near future.

Uptober Uproar: Bitcoin & Ethereum Liquidations Surpass $71M In Unexpected Rally

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The cryptocurrency market witnessed an unexpected rally on October 1, causing over $71 million in Bitcoin and Ethereum to be liquidated, particularly affecting shorts, which accounted for almost $64 million within a 24-hour timeframe. The sudden surge left the community bewildered, with many observers attributing the move to the onset of what they dubbed “Uptober.”

CoinGlass

According to data from Coinmarketcap, Bitcoin, the flagship cryptocurrency, experienced a rapid climb in just 15 minutes, soaring from $27,100 to $28,053. Simultaneously, Ethereum also saw a significant uptick to $1,755. 

The term “Uptober” has gained traction in the crypto community, signifying the historical trend of October being a bullish month for the price action of Bitcoin and other cryptocurrencies. CoinGlass data reveals that since 2013, October has only yielded negative monthly returns twice. 

While those holding spot and long positions welcomed the surge as the first substantial price action in over a month, short sellers found themselves on the losing end of the deal.

Upbeat Outlook For Bitcoin & Ethereum

Market analysts are currently anticipating further gains in the leading cryptocurrencies. Analyst Ali expressed optimism by mentioning a previous breakout where BTC surged to $31,000.

Crypto Rover echoed this sentiment, predicting a significant Bitcoin breakout in the next 30-60 days and also expressing a bullish outlook for Ethereum, suggesting it’s preparing for a substantial breakout on the weekly timeframe.

However, there were contrasting views as well. Some individuals suggested that Bitcoin had established a higher low, potentially setting the stage for a bullish fourth quarter. 

A cautious voice in the community commented that it would be amusing if the low was indeed established at this point, leading to potential frustration among investors, saying, “The most entertaining outcome is the most likely.”

As of the latest data, Bitcoin is currently trading at $27,981.17, reflecting a 3.29% increase in the last 24 hours, an almost 8% rise in the weekly chart, and a remarkable 130% surge in 24-hour trading volume. 

Ethereum, on the other hand, is priced at $1,719.64, boasting a 2.36% rise in the last 24 hours, a 9.09% increase in the weekly timeframe, and an impressive 88% rise in trading volume. 

ETH One Day Chart- Source: CoinMarketcap

Related Reading | Coinbase Singapore Secures Key License Amid Crypto Surge

Weekly Market Watch: Bitcoin & Ethereum Showcase Brief Surge Amidst Altcoin Rally

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The cryptocurrency market experienced a significant boost in positive sentiment last week, with Bitcoin and Ethereum leading the charge. Bitcoin’s strong performance has also spilled over into the altcoin market, with select altcoins attempting to break through their overhead resistance levels, signaling a potential for a robust recovery.

THORChain (RUNE) is at the top of the list of 50 altcoins experiencing a significant gain in value this week, followed by Solana (SOL) and Bitcoin Cash (BCH), second and third place, respectively. 

Source: CoinMarketcap

THORChain (RUNE) experienced a notable increase of 28% over the past seven days; however, it has made a strong recovery of about 35.18% in the past month. RUNE is currently being traded at $2.19, reflecting a 12.81% increase within the last 24 hours, with a boost of about 120.72% in trading volume. 

Meanwhile, Solana (SOL) is also experiencing a significant gain. Even the monthly chart shows almost a 23.23% recovery in value. Over the past week, SOL has experienced a significant increase of approximately 24%. 

Source: CoinMarketcap

Currently, SOL is trading at $24.09. In the last 24 hours, the token has experienced a 13.14% increase, while its trading volume increased by 115.04% in the same period.

Source: CoinMarketcap

Additionally, Bitcoin Cash (BCH)) has also gained significant attention due to its weekly performance, with a notable increase of about 18%. BCH is currently trading at $241.86, with an increase of 1.69% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including MKR at 16%, MATIC at 10%, and LINK at 9%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Over the­ past week, Bitcoin has witnesse­d a remarkable resurge­nce. Its price steadily approache­d a critical resistance level of $28,000, indicating a significant positive trend. This turnaround holds particular significance for Bitcoin since­ it had already experienced an impressive 80% incre­ase in value during the first two quarte­rs of 2023. However, there­ was also a setback as the cryptocurrency faced approximately an 11% decline in the­ third quarter leading up to Septe­mber.

Nonetheless, there is a glimme­r of hope for bullish investors. They achie­ved a positive monthly closure in Se­ptember, the first occurre­nce since 2016. This positive mome­ntum continues into October, a month historically associated with bullish tre­nds.

Source: CoinMarketcap

Bitcoin has begun a ne­w week, month, and quarter by surging past the­ $28,000. The leading cryptocurrency is ushe­ring in “Uptober” with style, achieving its stronge­st weekly closure since­ mid-August. Now, everyone is conte­mplating what lies ahead.

After e­xperiencing a month of mixed price­ movements in Septe­mber, market participants were­ preparing for a potentially volatile end to the month. However, the­y were pleasantly surprise­d when the closing month favored the­ bulls. Since October has historically bee­n associated with significant Bitcoin price gains, anticipation is now growing for what the upcoming weeks may bring.

Prominent marke­t commentators were thrille­d to reflect on the re­markable year of 2021. Instead of witne­ssing a multi-year low in the fourth quarter, it achie­ved an unprecede­nted milestone by re­aching a new all-time high for Bitcoin. Adding to this excite­ment, Santiment rece­ntly tweeted that Bitcoin’s “sharks” and “whale­s,” referring to wallets holding be­tween 10 and 10,000 BTC, have accumulate­d their largest holdings in 2023, totaling an impressive­ 13.03 million BTC.

Likewise­, the price of Ethere­um experienced a significant surge. It briefly spiked to $1,755, marking notable­ gains over the past week. A noteworthy developme­nt came when Santiment twe­eted about Valkyrie’s he­adline-grabbing approval to offer Ether future­s through its existing ETF. Undoubtedly, this news he­ightened exposure­ and contributed to the increase­ in Ethereum’s price.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is trading at $27,999.08, with a 3.37% increase over the past 24 hours and a 7.65% increase over the past seven days. On the other hand, ETH is being traded at $1,720.26, experiencing a 2.39% increase in the past 24 hours and a 9.23% increase over the past seven days.

Related Reading | Coinbase Singapore Secures Key License Amid Crypto Surge

Bitcoin Enters Expansion Phase: Analysts Weigh In On Market Outlook

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A prominent crypto analyst has reported that Bitcoin has officially entered the expansion phase of its market cycle. The cryptocurrency market typically experiences three distinct phases: the best price opportunity, expansion, and declining phases.

The best price opportunity phase, characterized by favorable entry points for investors, has concluded, marking the beginning of the expansion phase. 

According to the analysis, the William % R indicator indicates a shift in momentum from bearish to bullish, as Bitcoin is no longer in oversold conditions. The %R crossing over the EMA further underscores the positive turn in market sentiment.

Is Bitcoin On A Bullish Trajectory?

Despite the bearish background noise, Stockmoney Lizards, another crypto analyst, shared a different perspective on Twitter. While acknowledging the skepticism, the analyst highlighted that Bitcoin is currently trending higher. 

Stockmoney Lizards urged investors to examine past cycles to validate this trend, emphasizing the importance of identifying potential fakeouts or bull traps.

Stockmoney Lizards referenced historical patterns, noting that after previous bear markets lasting over 12 months, Bitcoin entered a bullish phase with a clear uptrend, leading to a pre-halving peak at the 61.8 Fib level. 

The analysis suggests that, as of now, Bitcoin has not broken its bullish structure, maintaining higher highs and lows. According to Stockmoney Lizards, the outlook is a potential year-end rally, constituting the final bull run post-halving.

Adding to the discussion, crypto analyst Jelle also weighed in, pointing out that the current month-end and the conclusion of Q3 are poised to mark the strongest September in eight years. 

Drawing on historical trends, Jelle speculates that a green September could pave the way for positive outcomes in October, November, and December. The question on everyone’s mind: Will history repeat itself? The crypto market eagerly awaits events unfolding in the coming weeks and months.

In this pivotal period, investors are advised to remain focused, filtering out the noise, as decisions made now will play a crucial role in determining future success in the crypto investment landscape.

Nevertheless, at the time of writing, BTC is trading at $26,997.83 with a 24-hour trading volume of $5 billion. Bitcoin is up 0.31% in the last 24 hours, and there is almost a 2% rise in the weekly chart. 

Related Reading | Bitcoin Analyst’s Market Insights: Potential Crash And Bullish Signals

Bitcoin Analyst’s Market Insights: Potential Crash And Bullish Signals

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In a recent revelation, cryptocurrency trader and analyst Dan Gambardello shared insights, affirming that a potential crash in the cryptocurrency market would align with established market cycles. Gambardello anticipates that such a downturn could set the stage for Bitcoin (BTC) to surge to unprecedented heights, steering the market into the next bull run.

According to data from CoinMarketCap, the global cryptocurrency market cap exhibited a modest uptick of 0.18% within the past 24 hours, bringing the collective valuation to approximately $1.08 trillion at the time of reporting. However, Bitcoin (BTC) experienced a marginal 24-hour dip of 0.09%, with its trading price at $26,938.44.

From a technical vantage point, Bitcoin’s price recently broke free from a medium-term bearish trajectory. Following this breakthrough, the flagship cryptocurrency encountered a critical resistance level at $26,915. The outcome of the next 48 hours holds significant weight; a daily candle closure above this threshold could propel BTC toward the $27,915 mark.

Bitcoin’s Promising Trajectory

Conversely, failing to secure a daily candle above the $26,915 resistance level might trigger a sharp retracement in Bitcoin’s value. In this bearish scenario, the cryptocurrency could plummet to as low as $26,000 in the coming week. Persistent selling pressure may even drive BTC’s price down to $25,110.

In a twist of fortune, a promising bullish technical signal has recently emerged on Bitcoin’s daily chart. This indicator suggests that the odds are tilting in favor of the buyers, granting them a slight advantage over the bears in the next 48 hours. Over the past two days, the 9-day Exponential Moving Average (EMA) line has crossed above the 20-day EMA line, signifying a potential shift in short-term momentum.

Should this particular technical signal hold, Bitcoin’s price may swiftly transform the $26,915 resistance level into a solid support. The validation of this flag, coupled with sustained bullish sentiment, could signal a promising trajectory for BTC in the immediate future.

Related Reading:| Bitcoin’s September Showdown: Will it Survive the Storm at $25,500?

Bitcoin’s Surge To $27,000: Eyes On $30,000 Amid US Shutdown Uncertainty

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In a surprising turn of events, Bitcoin has surged to an impressive $27,000 as the impending U.S. government shutdown on October 1 looms. Market analysts speculate that if the shutdown does occur, BTC’s price could soar even higher, potentially breaching the $30,000 mark.

Renowned crypto analyst Rekt Capital has highlighted the next 140 days leading up to the Bitcoin halving event as a pivotal period. According to him, this window could represent the final opportunity to accumulate BTC below the $20,000 threshold. Drawing from historical data, Rekt Capital emphasizes the significance of implementing a dollar-cost-averaging strategy during this critical timeframe, anticipating a potential post-halving parabolic rally. If a retracement were to occur, it is most likely within these 140 days.

Navigating Bitcoin’s Post-Halving Landscape

Rekt Capital issues caution, emphasizing that potential investors might find it increasingly challenging to capitalize on market downturns once the halving event occurs. He strongly recommends taking action now despite Bitcoin possibly experiencing further short-term dips. The allure of significant post-halving profits far surpasses the associated risks, making the current juncture a strategically opportune time to enter the market.

According to Rekt Capital, positioning oneself strategically for the forthcoming 500 days of parabolic uptrend post-halving is paramount. Based on historical trends, the Bitcoin Halving is slated for April 2024, with the next Bull Market peak projected between 518-546 days post-halving. This suggests a potential peak for Bitcoin in either mid-September or mid-October of 2025.

October has historically held a significant sway over Bitcoin’s performance. The cryptocurrency typically experiences a robust recovery this month, extending its momentum into the fourth quarter. Notably, October has stood out as BTC’s strongest month for the past three years, often setting the tone for a prosperous first quarter in the subsequent year. However, this year’s crypto landscape is marked by unique challenges, as pointed out by experts.

As the clock ticks down to the government shutdown, the crypto community watches BTC closely, eager to witness if it can uphold its bullish stride and possibly initiate an unprecedented surge, breaching the $30,000 milestone.

Related Reading:| Bitcoin Surges Above $30k: Watch For Large Address Activity, Predicts Santiment

Bitcoin’s Rollercoaster: 99 Problems, but Price Ain’t One

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As Bitcoin continues its rollercoaster ride in 2023, there are signs that the cryptocurrency’s long-term outlook remains robust. The accumulation of BTC by both whales and Tether (USDT) investors hints at a promising future, even though the short term may be marked by a correction.

Bitcoin whales, those holding between 10 to 10,000 BTC, have recently reached their highest accumulation of the year, totaling a staggering 13.03 million BTC. Simultaneously, Tether (USDT) sharks and whales are also amassing buying power in the market. This convergence of large-scale investors spells optimism for BTC’s trajectory.

Source: Santiment

The significance of this accumulation lies in its historical correlation with bullish trends. Whales, often considered market influencers due to their substantial holdings, tend to accumulate when they anticipate price appreciation. Their actions are rooted in informed decisions, suggesting a strong belief in BTC’s potential.

However, the short-term landscape for BTC is not without challenges. As the cryptocurrency briefly touched the $27,000 mark on a Thursday, traders were quick to engage in profit-taking. This phenomenon is common in volatile markets, where sudden price surges trigger a desire to cash in on gains. Such corrections are a natural part of BTC’s price discovery process.

Accumulating Bitcoin: Whales, USDT, and Market Sentiment

To gauge the short-term dynamics, analysts often turn to the 7-day Market Value to Realized Value (MVRV) ratio. When this ratio dips below zero, it signifies a potential opportunity for another upward price movement. It implies that Bitcoin is undervalued concerning its on-chain activity, potentially indicating that the correction phase is nearing its end.

Source: Santiment

Investors and enthusiasts must understand that cryptocurrency markets are highly dynamic and subject to short-term fluctuations. While profit-taking may lead to temporary dips, the overall trajectory appears positive. The current accumulation of Bitcoin by major players and the parallel interest in USDT suggest a growing appetite for digital assets.

In conclusion, the long-term outlook for Bitcoin remains bright, driven by the accumulation of Bitcoin by whales and the increasing buying power of USDT investors. While short-term corrections are part of the crypto landscape, they should be viewed in the context of Bitcoin’s ongoing maturation.

Investors should keep a close eye on the 7-day MVRV ratio, as it could provide valuable insights into the optimal timing for another leg up in Bitcoin’s journey. In this ever-evolving crypto world, strategic patience may prove to be the key to reaping the benefits of the digital gold rush.

Bitcoin’s $21.5M Short Liquidation Frenzy: Red Faces Everywhere

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Bitcoin has seen a significant surge in both long and short positions, creating a stir in the cryptocurrency market. After a brief retraction, these positions have remained high, allowing Bitcoin’s price to maintain its upward momentum.

Today, Bitcoin’s price rose over 3%, reaching $27,300 and establishing a one-week high, marking a 4% gain for the month of September. This resurgence can be attributed to several key factors.

Source: Santiment

Firstly, the strength in the US equities market has had a positive spillover effect on BTC. As traditional markets exhibit robustness, investors seek alternative assets like cryptocurrencies, pushing their prices higher.

Moreover, the decrease in BTC supply on exchanges since the September 4th peak has been interpreted as a bullish sign. Investors withdrawing their BTC from exchanges for long-term self-custody indicates confidence in the cryptocurrency’s potential. This trend leaves the market more vulnerable to liquidations, which, in the past 24 hours alone, have liquidated over $21.5 million worth of BTC shorts.

Institutions vs. SEC: Bitcoin’s ETF Battle Royale

Interestingly, despite the recent success of long positions and the losses incurred by short sellers, 51.5% of the futures market remains short on BTC. This skew towards short positions suggests the possibility of a short squeeze, further propelling BTC’s price upwards.

Institutional interest is another crucial driver of Bitcoin’s current surge. The recent ruling in favor of Grayscale Bitcoin Trust (GBTC) by U.S. Court of Appeals Circuit Judge Neomi Rao bolstered institutional confidence in the cryptocurrency. Notably, institutions like BlackRock and Fidelity Investments have sought ETF approvals, with Franklin Templeton joining the fray.

While regulatory hurdles have delayed ETF approvals, the entry of major players like BlackRock, managing over $8.5 trillion in assets, is a significant development. Their plan to utilize Coinbase for BTC custody adds credibility to the industry. Despite the SEC’s reluctance to approve a spot Bitcoin ETF, the persistent interest of renowned firms indicates a broader acceptance of cryptocurrencies.

In summary, the surge in Bitcoin’s price can be attributed to a combination of factors. The interplay of long and short positions, decreasing supply on exchanges, the potential for short squeezes, and the growing institutional interest paint a complex yet promising picture of the cryptocurrency’s future. Investors should closely monitor these dynamics as they continue to shape the Bitcoin market.

SEC’s Decision Delayed: Spot Bitcoin ETFs In Limbo Amidst Looming Shutdown Shadows

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The United States Securities and Exchange Commission (SEC) has once again postponed its decision on several proposals for spot Bitcoin exchange-traded funds (ETFs). This delay includes applications from industry giants like BlackRock and Valkyrie, and it comes just ahead of a looming government shutdown.

The SEC initially delayed a decision on the proposed spot BTC ETFs in late August, simultaneously delaying Fidelity’s Wise Origin Bitcoin Trust, the VanEck Bitcoin Trust, and the WisdomTree Bitcoin Trust. 

Adding to the uncertainty, the SEC recently opted to extend the review process for the proposed ARK 21Shares Bitcoin ETF, setting a new deadline for January 10th of the upcoming year. 

These latest delays occurred two weeks earlier than many applicants had expected, as they had been prepared to hear from the securities regulator between October 16th and 19th.

ETF analyst James Seyffart, an analyst at Bloomberg, provided some insight into the situation, stating that the SEC has also deferred the spot Bitcoin ETF applications of Invesco and Bitwise in separate filings dated September 28th. 

Furthermore, Seyffart anticipates that Fidelity, VanEck, and WisdomTree applications will likely face similar setbacks, prolonging the decision-making process.

Bitcoin ETF Approval: A Prolonged Path Ahead

The SEC’s decision to extend these reviews comes in light of concerns surrounding an impending U.S. government shutdown. With the possibility of such a shutdown looming on October 1st, the SEC, along with other federal agencies and financial regulators, is bracing for the impact on its operations. 

This disruption has compelled the SEC to take a cautious approach to its decision-making process regarding the highly anticipated spot BTC ETFs.

“Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,” noted the SEC in a filing related to the Valkyrie Bitcoin Fund. The regulator emphasized that instituting proceedings does not imply that any definitive conclusions have been reached on the underlying issues.

In a move aimed at transparency and soliciting expert opinions, the SEC has requested input from commentators in its filing concerning the Valkyrie Bitcoin Fund. Following this, there will be an additional 35-day rebuttal period, implying that the approval process will likely extend for several more months.

However, the uncertainty surrounding the government shutdown and its potential impact on regulatory agencies continues to cast a shadow over the timeline for these eagerly anticipated financial products.