#SEC推迟多个现货ETF审批

The SEC once again resorts to delay tactics, postponing the applications of five spot ETFs, including Grayscale and VanEck, in one go, causing the market to plummet—Bitcoin crashed $3,000 in 10 minutes, and $1.5 billion in leveraged positions vanished. However, the old foxes had already sensed the wind; the put option open interest on the Chicago Options Exchange surged by 300% in the 48 hours before the decision, and these precisely ambushed short positions reaped the benefits of regulatory arbitrage.

The most ironic part is the reason for the delay; the SEC requires exchanges to "further prove they can monitor market manipulation," yet these exchanges themselves are the largest market makers. Internal documents show that the rejected proposals actually concealed a killer feature: one institution proposed using Chainlink oracles to audit reserves in real time, which is akin to opening the black box of traditional finance. Now all eyes are on January 2024, which will be the final deadline for Ark Invest, at which point the SEC will no longer find excuses for delay.

(On-chain monitoring found that 6 hours before the announcement, a certain whale sold 23,000 BTC through Coinbase Institutional, but at the same time opened an equal amount of long positions on BitMEX from the same IP address—this sleight of hand perfectly illustrates what "market manipulation" means...)