Cryto traders are watching the clock today and waiting for an 11 am (or just before) ruling on the Grayscale Trust vs SEC case in the D.C. Circuit Court. It won't necessarily come at that time, or today at all but rulings typcically come on Tuesdays and Fridays.
Blockworks is out with a report today saying the court is likely to require the SEC to re-review the application to convert to a spot Bitcoin ETF. Such a decision would re-set the clock and take up to 240 days.
It's tough to guess how the market will react to a positive decision but with an extension. I assume it's good news for bitcoin because it would mean that an ETF is coming, though Grayscale would be beaten to it. That may close the discount in GBTC over time but a 240-day wait against a 26% discount might not be worth the volatility.
Bitcoin is down about 0.4% today.