Đợt tăng giá của Bitcoin do ETF không thể kéo dài

Despite gaining exchange-traded fund approval Spot Bitcoin ETF That could lead to a surge in Bitcoin prices, which some analysts worry won’t be enough to fully thaw the market from the winter chill.

On October 24, with the news that BlackRock’s Spot Bitcoin ETF (IBTC) was listed on the website of the Depository Trust & Clearing Corporation (Depository Trust & Clearing Corporation), Bitcoin experienced its largest decline in more than a year. Prices soared in a single day, rising by more than 14%.DTCC), the market interpreted this as a positive step forward in the adoption of the fund.

It turns out that this mutation is even stronger than oOct. On October 16, Cointelegraph’s inaccurate tweet suggested that a spot Bitcoin ETF had been approved.

The trader named TheFlowHorse – has 184,000 followers online

Speaking about both developments and their impact on Bitcoin, Horse added that investors can expect to see “similar, if not larger,” moves if the ETF is approved.

However, Horse noted that while approval could push prices up significantly, there could also be an eventual pullback in the medium term.

That’s because, in Ma’s view, the trade will be crowded with investors eager to follow the news.

“There will be big crowds…it is ultimately an ineffective move. Ineffective moves will reload and regress to a certain extent,” he added.

IG International analyst Tony Sycamore said that Bitcoin is expected to continue to surge to a new yearly high on the day of the news, while Rachel Lucas, a technical analyst at cryptocurrency exchange Australia BTC Markets, said that BlackRock recognized this.

ETFs will be a catalyst for other areas of traditional finance.

“This participation not only expands institutional capital flows but also increases retail curiosity, leading to supply constraints and emphasizing Bitcoin’s deflationary aspects.”

this is a short film @kaileyleinz Ask Gensler $GBTC and other attractions #bitcoin ETF. I think it was left unanswered for the most part, but it did talk about the disclosure review team.In recent days, we’ve gained some insight into their process through modifications made by some of these filers pic.twitter.com/lIWZc74OAi

— James Seyff (@JSeyff) October 18, 2023

However, while Sycamore said “the rally is likely to continue,” a full trend reversal for Bitcoin seems unlikely as interest rates remain significantly higher than when Bitcoin reached its all-time high.

CMC Markets analyst Tina Teng also believes that since there is no guarantee of a complete reversal of the trend, it is worth taking a more cautious stance.

“Bitcoin still lacks the fundamentals to support quantitative valuations like stocks, nor does it have the same scope of use as commodities. The SEC’s approval will not change its nature as a speculative asset.”

Teng concluded:

“Macro changes will have a significant impact on cryptocurrency markets, which typically begin to trend upward during Fed rate-cutting cycles.”

The certainty and timing of spot Bitcoin ETF approval remains controversial. While unlikely, ETF analysts say SEC Chairman Gary Gensler could wait until the last minute to issue an “extremely brutal” rejection of the upcoming filing.

While JPMorgan analysts said in an investment note on Oct. 17 that approval could come in the coming months, the general consensus held by Bloomberg ETF analysts James Seyffart and Eric Balchunas is that January 10 next year The probability of previous approval was 90%.

I get a lot of questions about my current thoughts on Spot #bitcoin ETFs over the past few weeks.This is the first part of the note I posted yesterday @ericbalciunas.

TLDR: Our views haven’t changed much https://t.co/dRAM5IsdQf pic.twitter.com/Htsi3n2XxV

— James Seyff (@JSeyff) October 13, 2023

Bitcoin News Synthetic.