👀Weekly Recap: Analysts Say Spot Bitcoin ETF Approval Looms
Happy weekend Defiers!
This week’s news cycle was dominated by spot Bitcoin ETF speculation, with prominent analysts predicting that the SEC will issue its first approvals next week. Researchers say spot Bitcoin ETFs would be highly bullish for BTC, with the funds set to directly invest in and hold Bitcoin on behalf of investors, unlike existing futures ETFs.
Despite the bullish sentiment, the markets suffered a violent flash crash that eradicated $100B from the combined crypto market cap on Jan. 3. While some onlookers blamed a report from Matrixport claiming the ETF applications will be rejected for the pullback, many researchers attributed the move to excessive leverage inevitably getting flushed from the digital asset markets.