- According to a recent report by CryptoQuant, the potential approval of a spot Bitcoin ETF could turn into a ‘sell the news’ event.
- CryptoQuant analysts added that Bitcoin miners are also making substantial profits, which could contribute to selling pressure on BTC.
- According to analysts, during corrections in bull markets, the Bitcoin price tends to retreat towards the realized price of short-term holders.
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Spot Bitcoin ETFs to be approved in the USA may start a selling wave: How many dollars will the BTC price drop?
Spot Bitcoin ETFs May Cause a Sell Event
According to a recent report by CryptoQuant, the potential approval of a spot Bitcoin ETF could turn into a ‘sell the news’ event. To support this claim, CryptoQuant analysts drew attention to data showing that market participants did not achieve high profits after Bitcoin, the digital asset, surpassed $40,000.
The report stated, “Short-term Bitcoin holders have historically experienced high profit margins before price corrections, often around 30%.” CryptoQuant analysts also added that Bitcoin miners are making substantial profits, which could contribute to selling pressure on BTC.
Analysts noted, “In the past few weeks, we have seen increasing miner sales as prices remained above $40,000.” Bitcoin price corrections typically precede an increase in BTC price and miner transaction fees.
According to analysts, during corrections in bull markets, the Bitcoin price tends to retreat towards the realized price of short-term holders. Considering this scenario, the report added that in a ‘sell the news’ scenario, the Bitcoin price could potentially drop, possibly reaching as low as $32,000.
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Probability of Spot Bitcoin ETF Approval
Bloomberg Intelligence analysts estimate a 90% probability of approval for spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in the first quarter of 2024. The optimism is supported by the significant gains in Bitcoin’s performance year-to-date, currently exceeding 155%, largely driven by optimism that the SEC is preparing to approve one or more of the spot Bitcoin ETF applications filed with the regulatory body. Over a dozen firms, including BlackRock, WisdomTree, and Valkyrie, are awaiting approval from the SEC.
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