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.

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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.