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BTC's ETF News Spikes Volatility👀
In crypto, BTC saw a brief 8% spike yesterday as Cointelegraph released a headline stating Blackrock's iShares BTC spot ETF has been approved; however, a quick denial from the asset management giant reversed most of the gains in a hurry, though we still managed to squeeze out a 4% gain as of the time of this writing. With the spot BTC ETF approval likely a question of 'when', and not 'if', the GBTC NAV discount continues to narrow daily. However, it's noted that the BTC outperformance has not spilled over to a general 'risk-on' across the crypto spectrum, as Bitcoin has single handedly outperformed ETH, most Altcoins, and equity-linked shares in this recent move higher. Overall risk sentiment still feels fragile on very thin secondary volumes, so we expect to see more volatile intra-day moves like yesterday as we get closer to the SEC's decisions.
