Grayscale's Court Victory Paves Way for Bitcoin ETF

Bitcoin prices surged after a federal appeals court ordered the U.S. Securities and Exchange Commission (SEC) to reconsider its rejection of Grayscale's bid to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). While this ruling is seen as a positive signal for the market, traders remain cautious as it does not guarantee the approval of a spot Bitcoin ETF. Some believe it is the first step in a changing regulatory environment, while others highlight the low trading volume in the digital asset market. Long-term holders of Bitcoin continue to accumulate tokens, suggesting a bullish outlook despite the current market lull.