Not long ago, VanEck refiled its application to create a spot BTC ETF with the U.S. Securities and Exchange Commission (SEC), and the SEC delayed a resolution on the application. The deadline for a final resolution has been extended to Oct. 11, when the SEC will “approve or disapprove the application, or initiate proceedings to determine whether to disapprove the proposed rule change.” VanEck’s previous application to create a spot ETF was rejected last November after months of deliberation. Meanwhile, applications filed by other firms, including Grayscale, to create the first U.S. BTC ETF were rejected by the SEC, citing concerns over investor protection and market manipulation.

bitcoin mvrv z-score

Stocks rallied on the news that China and the U.S. were nearing a deal to resolve the audit standoff. However, this bullish sentiment did not carry over to the cryptocurrency market, which continued to trade sideways on Thursday. At the time of writing, BTC is down slightly over the past 24 hours, trading just under $21,500. The largest cryptocurrency by market capitalization is gathering strength to accelerate the breakout of the $2.17-$22,000 resistance zone. If the breakout fails, BTC is likely to retrace to $21,000. Bitcoin is undervalued as the BTC MVRV ratio fluctuates and falls below 1 after the recent price rally.

On the other hand, ETH experienced a more pronounced downward correction, with its market cap shrinking by 1.7% over the same period. But the second-largest cryptocurrency by market cap remains in the high $1,600 range. Even though prices did not change much, the basis for far-month futures fell significantly. The Gamma Exposure indicator suggests that market volatility may increase at current levels. Most major non-mainstream coins are in decline, with the exception of Shiba Inu and ADA, both of which rose more than 1% over the same period. “