The SEC’s decision on Grayscale’s ETF application was contrary to the hyped expectations in the market. It is thus, no surprise that some panic selling took place after the announcement. Bitcoin dropped to $19,079 after tanking by more than 5% in the last 24 hours at press time.Furthermore, the selling pressure in the last few hours pushed Bitcoin into the oversold zone according to the Relative Strength Index .
The latter continues to seek out new monthly lows courtesy of the outflows. Bitcoin’s MVRV ratio was at -15.36% at press time, a notable drop in the last five days. However, it is still higher than its lowest point in June.Grayscale also confirmed that it will pursue a lawsuit against the SEC for failure to approve the ETF. The crypto investment company had previously noted that it would pursue this course of action if the spot ETF was not approved.