According to @EricBalchunas, crypto ETF approval season has officially arrived, as stated in his Sep 30, 2025 post on X. Source: Eric Balchunas on X, Sep 30, 2025. He linked to an update from the SEC’s official X account, indicating the regulator has entered an active decision window for crypto ETF filings. Source: SEC X account update referenced by Eric Balchunas; Eric Balchunas on X, Sep 30, 2025. Traders should monitor the SEC’s posted orders on sec.gov and EDGAR updates for 19b-4 approvals/denials and S-1 effectiveness notices that can trigger immediate moves in BTC and ETH spot, futures, and options liquidity. Source: U.S. SEC website and EDGAR; CME Group educational materials on event-driven volatility. Timestamped regulatory actions have historically influenced spreads, funding, and basis around decision times during prior ETF events, making pre-announcement risk management critical. Source: Bloomberg Intelligence documentation of market behavior around the Jan 2024 spot Bitcoin ETF approvals and exchange data.