A lot can change in the cryptocurrency industry within a week, and the waves indeed fluctuated in the past seven days. The market rejoiced recently as several multinational financial giants filed for a Bitcoin Spot ETF, but the tides could be turning now, according to a WSJ report from Friday.

Let’s unpack.

BlackRock shook the crypto market two weeks ago when it filed an application to release a BTC Spot ETF in the States, which would make it the first such product greenlighted by the SEC.

Being the world’s largest asset manager, its actions had immediate consequences as ARK Invest changed its own application to copy that of BlackRock, while Fidelity reapplied less than a week later.

That also impacted the cryptocurrency’s price trajectory as BTC skyrocketed from $26,500 last week to roughly $31,000 earlier today. However, a Wall Street Journal report emerged on Friday claiming that the SEC found the recent filings “inadequate,” which prompted speculation that they could be rejected, similar to all previous ones.