Inadequate doesn't men rejected. Plebs seem to think it was rejected. WRONG!! Blackrock, Fidelity will have to submit more supporting documents it seems
Its always the same trick. Its a nothing news and media outlets and CT make it bigger than what it really is lol. Retail sell the wick, whales fill up the bag.
Inadequate means that they have found a reason to reject the application, not a reason to reject the ETF filing itself. A rejection is still a rejection, meaning that the coming of the Bitcoin ETF is still in the future, with more possible delays incoming. For the Bitcoin price this is not good as we will probably see a disappointed slump back to the 20k's due to the fact that all the people who were excited about the ETF are taking their investments back out. Or at least, they will be planning to, should the endeavor prove fruitless in the end.
But whales are not known for having shaky hands or panic attacks. I doubt that we will see a immediate dump. Rather a gradual glide downwards (for a while, until we see bullish price action again)