The U.S regulator has reportedly returned documents filed by Fidelity and BlackRock. The SEC stated that the documents were insufficient and they lacked clarity.
The news of the SEC returning the documents has already had a negative impact on the price in the last 24 hours. Bitcoin fell from over $31,000 to below $30,000 briefly. It has since recovered slightly and exchanged hands at $30,474 at the time of writing.Meanwhile, the MFI indicator shows that Bitcoin is already experiencing some liquidity outflows. The timing is also notable because sell pressure is making a comeback at a previously tested resistance level.
Perhaps one of the best ways to look at Bitcoin’s next possible move is to assess its recent flows. Although the recent findings are bearish, exchange flow data shows a contrary outcome. Exchange inflows fell drastically in the last 24 hours and were lower than the level of outflows at press time.A potential reason for these findings is that news of the SEC does not necessarily mean the ETF filings have been rejected.
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