Earlier today, Eamonn highlighted how today marked 160 days since the spot bitcoin ETF was filed by Grayscale. That's the usual outside timeline for approval but this is far from a usual case.
That means the timeline is unclear but the final deadline is October 5, though there may be options to extend it.
Eric Blachunas from Bloomberg Intelligence notes that the next batch of ETFs will be evaluated in early September while on Friday the court could publish a decision at 11 am ET.
For now, bitcoin is being dragged around by broader market sentiment. Risk traders are under pressure today with the S&P 500 down 56 points and at the lows of the day. I don't see the $221 decline in bitcoin to $29,135 as all the moves within the recent range are largely noise, though I am slightly concerned at the series of lower lows.