Why is Bitcoin selling off after spot ETF approval?
The cryptocurrency community has high expectations for the approval of a Bitcoin ETF. However, following the approval, Bitcoin prices experienced unexpected fluctuations. Some of the key factors causing this volatility include:
Speculation subsides: Prior to the ETF’s approval, there was intense speculation in the market. Many expected Bitcoin to surge to $55,000 upon approval, but that did not happen. Correction Expiration: Bitcoin has staged a notable rally, surging from a low of $15,400 to $49,000, driven by ETF-related FOMO (fear of missing out). Therefore, corrections are considered natural and may trigger a “sell news” event for those who purchased Bitcoin at a lower price. Shifting to Ethereum (ETH): Interestingly, some investors are moving funds from Bitcoin to Ethereum.
