How Crypto Whales Today Manipulated the Market 🐳

Matrixport's recent report anticipates another rejection of Bitcoin Spot ETFs by the U.S. Securities and Exchange Commission (SEC), potentially leading to a 20% drop in Bitcoin prices, settling around $36k-$38k. The report challenges optimistic expectations within the crypto community, emphasizing potential consequences such as cascading liquidations in the $5.1 billion additional perpetual long Bitcoin futures. As the January 5, 2024, deadline nears without approval signals, Matrixport advises a defensive strategy, including hedging long exposure and considering outright short positions in Bitcoin through options. While many anticipate a Bitcoin ETF approval to boost prices, Matrixport's insights fuel discussions about a possible correction and increased regulatory scrutiny. The SEC's final decision holds significant importance, shaping Bitcoin's narrative in the coming days.

In addition to Matrixport's report, concerns have been raised about crypto whales manipulating the market dynamics by strategically executing liquidations. The suggested pattern involves initiating long positions and subsequently short positions, creating a cascading effect that amplifies market volatility. This strategic manipulation, particularly in the context of the $5.1 billion in perpetual long Bitcoin futures, adds an additional layer of complexity to the potential rejection of Bitcoin Spot ETFs. As the SEC's decision looms and the market navigates these dynamics, the aftermath remains uncertain, with the possibility of heightened volatility and its impact on Bitcoin's trajectory in the coming days.

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