Bitcoin ETF is Fully Priced In, Argues Analyst Glen Goodman
In a recent interview, analyst Glen Goodman, author of The Crypto Trader, discussed if a spot Bitcoin exchange-traded fund (ETF) is priced in, and what could happen if the “unknown factor”, Gary Gensler, decides to delay it.
The market eagerly awaits the US Securities and Exchange (SEC)’s decision on approving a Bitcoin ETF.
Talking to Bloomberg on Tuesday, Goodman argued that nearly everyone has “bought into” the idea that an ETF is coming.
He stated that,
“When it comes to it being priced in, I’d say it’s pretty fully priced in, probably.”
But there is a bit of a lose-lose situation, he argued. While priced in if the approval indeed comes, what happens if it doesn’t?
Discussing how the SEC Chair Gary Gensler is known for cracking down on the crypto industry, Goodman stated: “Absolutely! That’s the one factor I think that people are forgetting here.”
He implied that Gensler’s dislike for all things crypto is not to be underestimated.
There are positive signs that may suggest that the approval is all but signed. This includes recent talks between the SEC officials and the ETF hopefuls.
“But Gary Gensler, we know, he never has anything good to say about crypto, does he? So he is the unknown factor in all this. And frankly, he is the boss.”
Goodman argued that Gensler may require the applicants to do more work, which may delay the approval.
As an example, Goodman gave the custody and trading separation on exchanges recently discussed by Steve Scott and AJ Nary of digital asset custody firm BitGo.
Asked how far bitcoin could drop if there is no approval soon, Goodman stated that,
“If we get the impression from [the SEC] that the delay is open-ended as opposed to just ‘oh, we just want a few final things done,’ then it could be really
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