Is there still hope for a Bitcoin ETF? 65% of users predict a second rejection

May 15 is the deadline for the U.S. Securities and Exchange Commission (SEC) to receive the Bitcoin ETF petition review documents. Starting from the 15th, the SEC may issue a statement on new supporting arguments at any time and officially make a statement on its position on Bitcoin. After reaching the resistance level of $1,800 this week, the price of Bitcoin has now fallen back to around $1,700 as selling pressure increases.

According to a recent survey by The Merkle, 65% of the voting participants believe that the agency will continue to take the same attitude as before towards Bitcoin ETFs, which is to firmly oppose them. One of the important reasons why the SEC opposes Bitcoin ETFs is the "lack of regulation in the Bitcoin market."

In light of this type of news, the market is making necessary adjustments. Over the past week, the price of the coin has remained around $1,700 as many investors opened and closed positions at this price. It will be interesting to see how the SEC's decision will affect the market price, or if this decision will affect the price of the coin. Some believe that if there is a panic sell-off, the price of the coin is likely to drop to $1,500.

The fact is, if the SEC still decides to “uphold the original decision” in the end, nothing will change. However, given that the SEC is unlikely to change its mind (and users know this), the price of Bitcoin may not change much.

According to the official notification, the specific time and date for the final review of this petition are unknown. Interested readers can check the latest progress here.