Once again people are just overreacting and not reading whole articles. No ETF got rejected, they are just asked to refile with a bit more information.

It is another day and another Bitcoin dump because people are fudding and ooverreacting over some SEC news. Apparently, the SEC has said that the BlackRock and Fidelity Bitcoin Spot ETF filing are “inadequate“. This caused a ton of people to panic as basically the whole rally from $25k to $31k was driven by this Bitcoin Spot ETF hype of financial giants, resulting in a $1000 BTC price dip in minutes.

But this also one again showed, no front to you all, how plainly dumb Crypto investors are.

Once again many seem to have made financial decisions without just simply reading one of the countless articles we have seen. In reality, this is no rejection at all, but instead may actually be a good sign. The SEC seem to have already read their proposals and now has asked them to refile while naming an exchange that they will have in their surveillance-sharing-agreement. After that the proposal may move even further.

Tweet by a professional explaining the situation

As we can see there have even talks that Balckrock and Fidelity will be all ready to refile with probably naming Coinbase as their exchanges, as it is the only publicly listed one. So no need to panic at all, this is actually bullish news in some way that they did not get a straight rejection, but the SEC is ready to listen more to them about their proposal.

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40 thoughts on “Once again people are just overreacting and not reading whole articles. No ETF got rejected, they are just asked to refile with a bit more information.”

  1. They saw SEC in headlines and panicked. Guess anything “SEC” reeks FUD these days.

  2. Bots got played by a bearish headline, it was actually good if you read the details

  3. The SEC is asking for more information, that doesn’t sound too good though. I’m still not convinced this will work. If the ETF submarine implodes, the dump will be hard.

  4. I wonder which exchange it its , and why they didn’t mention it earlier.
    Some conspiracy,there buying ftx 2.0

  5. What this means is that ETFs as they are currently won’t be accepted, basically rejected.

    The fact that they have to update and refile again means this won’t be accepted.

    So no, they were rejected.

  6. Was the dump even due to that? Based on macro conditions crypto prices shouldn’t be pumping right now

  7. I’d imagine this is best-case scenario, actually. Anyone who has ever proposed anything to a government knows it doesn’t get approved first-shot. It usually takes multiple cycles of submission, feedback, tweaks, resubmission, feedback, tweaks, resubmission, approval.

  8. People read the word ‘rejected’ and they lost their shit and sold all their investments.

  9. BTC price goes from 31k to 30k .. “Crypto investors are dumb!”.

    ehh ok.

  10. The trouble is people are so fed up with the Sec they have only got to sneeze and everyone catches a cold

  11. That happens when people just read the titles.

    And journalists abuse that to create panic and clicks. Disgusting

  12. I guess you are talking about our friends on this sub that are reading titles only…

  13. Tbh every touch of 31k this week has dumped, when i saw it didn’t expect any particular news

  14. Is people overreacting a bad thing? It’s just more opportunity to buy lower! If you only buy when such things happen instead of fomo, your wallet will always be in the green!

  15. Hot girl to me: Come back when you’re not fat and ugly.

    Me to the boys: I wasn’t rejected, I can come back and try again.

  16. They wrote their name and last name in the “Name” box and realised later there was a “Last name” box

  17. Yep, here is an article about it: https://www.forbes.com/sites/stevenehrlich/2023/06/30/secs-rejection-of-bitcoin-spot-etfs-is-more-speed-bump-than-stop-sign/?sh=5529785d3755

  18. Us normies have no power of anything anyway. Bots read headline of etf being rejected and the bots and algorithms fight it out and cause the price dips.

  19. Why is no one talking about the timing of this announcement by so called “people familiar with the matter “ seems very shady that article posted at 9:45 straight after market open after crucial cpi report

  20. CryptoBros have a tendency to overreact and panic without researching and reading, nothing new.

  21. Remain calm and stay updated on market news. The SEC’s request for more information is a good sign of progress. Think carefully before reacting impulsively.

  22. We only read the catchy headlines and make our opinions based solely on that, don’t you know xD

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