Analysts believe the SEC is navigating internal changes and political pressure, contributing to the delays.
Recent data from Coinglass shows that 320,374 traders have faced liquidations in the past 24 hours, leading to total losses of $907.7 million.
Attackers managed to steal approximately 2.4 million $USDC and 1,276 Wrapped Ethereum ($WETH), worth over $5 million.
Bitcoin’s price briefly climbed above $91,903 following the transaction, but it has struggled to hold steady. Part of this is due to broader economic issues.
After reaching an all-time high of $137 billion in December 2024, the total market capitalisation has now dropped by 56%.
“The primary reason for this decision is that these coins are purchased primarily for fun or social engagement, rather than as a traditional investment”, the SEC stated.
On 6 February, the SEC announced that the public would have 21 days from the date of publication in the Federal Register to submit comments on these ETF applications.
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While Bitcoin remains a key focus, altcoins are carving out their own space in the recovery, signalling a more diverse market ahead.
