SEC reportedly says spot bitcoin ETF filings are inadequate; top crypto dips 1%

The Securities and Exchange Commission said recent applications by top asset managers for spot bitcoin ( BTC-USD ) exchange traded funds are inadequate, the Wall Street Journal reported, briefly sending the top cryptocurrency below $30K. Bitcoin ( BTC-USD ), which was in the green during Asian trading hours, fell 1% to $30.1K at 10.57 am ET. Ether ( ETH-USD ) edged down 1% to $1.8K. The regulator is said to have informed Nasdaq ( NDAQ ) and Cboe ( CBOE ), both of which applied for the ETFs on behalf of asset managers including BlackRock ( BLK ) and Fidelity Investments , that their respective filings were not sufficiently clear and comprehensive. Cboe ( CBOE ) plans to update and refile its application, the report said, while the other companies declined to comment. "Spot ETF filings for bitcoin are 'inadequate' but a 2x leveraged futures ETF isn't? Seems really weird, to say the least," popular crypto trader Michaël van de Poppe tweeted , before saying that market was overreacting . "I expect some back-and-forth negotiation with the eventual approval by the end of Q3 or early Q4 2023 of a bitcoin ( BTC-USD ) ETF that will then start trading by the end of Q4," said Thielen Markus, head of research at Matrixport. "We remain bullish on BTC, with a year-end price target of $45K." The development deals a blow to crypto markets, which rallied in the wake of BlackRock's ( BLK ) ETF filing. At the time, bitcoin ( BTC-USD ) climbed past $30,000 for the first time since April. Wall Street titans BlackRock ( BLK ), Invesco ( IVZ ) and WisdomTree ( WT ) have all filed applications for a spot bitcoin ETF. Cathie Wood's Ark Investment Management , Bitwise Asset Management and Valkyrie also made similar moves. The news sent Grayscale Bitcoin Trust ( OTC:GBTC ) down 3.2% , while Coinbase ( COIN ) - custodian for the BlackRock ( BLK ) ETF's BTC holdings - slid 1.6% in morning trade. More on bitcoin ETFs BlackRock's ETF Filing Could Be Good For GBTC Crypto ETFs Back In The Spotlight Bitcoin: Guess Who's Back Bitcoin's Dubious Rally