The U.S. Securities and Exchange Commission (SEC) has delayed the approval of BlackRock’s proposed Bitcoin Premium Income ETF, citing the ongoing government shutdown. This delay comes as the commission works with limited staff due to political impasse. Meanwhile, the broader crypto market continues its downward trend, with Bitcoin price plummeting below $100,000 amidst heavy selling pressure.
Blackrock’s Bitcoin Premium Income ETF filing was among those postponed by the SEC, pushing the 45th-day deadline past November 16. The commission has pushed back the decision to December 31st, citing the government shutdown as a reason for the delay. This extension extends beyond the standard 75-day deadline under generic listing standards.
Blackrock’s ETF is one of several crypto-related applications currently facing delays. Following the SEC’s passage of guidelines for exchange-traded products (ETPs), other ETPs and applications are also being examined. The commission has approved amendments to Rule 5711(d) to adopt generic listing standards for commodity-based trust shares.
The impact is evident in the market, where Bitcoin prices have fallen below $100,000 after a heavy selling wave, with trading volume surging by 40%. The decline was driven by expiring options and increased investor volatility. Despite this downturn, some investors are taking advantage of the dip.
CoinGlass data reveals mixed sentiment in the derivatives market. The total BTC futures open interest jumped 0.55% to $69.52 billion over the past 24 hours. On the other hand, Bitcoin futures on CME dropped more than 2%, while those on Binance increased by 2%. Analysts believe that a continued holding of $98,000 could prevent further price drops.
The delay in Blackrock’s ETF application highlights the current challenges facing the crypto market amidst government shutdown and regulatory uncertainties.