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Home BREAKING NEWS

Spot Bitcoin ETF is a Sell the News Event and Here is Why

by BlockNews.com Team
December 28, 2023
in BREAKING NEWS, CRYPTO, FEATURED
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Spot Bitcoin ETF is a Sell the News Event and Here is Why
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  • Bitcoin (BTC) could see a price correction down to $32,000 if a spot ETF is approved, as short-term holders currently have high unrealized profit margins around 30% which have preceded corrections before.
  • CryptoQuant said the price could fall to $32,000 which is the realized price for short-term holders, in line with historical “sell the news” drops after major bullish events.
  • Investors are advised to be cautious and practice conservative portfolio management leading up to potential ETF approval, as “sell the news” moves have happened before like when BTC topped at $20,000 after CME futures launch.

Bitcoin (BTC) may see a price correction down to $32,000 next month if a spot ETF is approved, according to data provider CryptoQuant. The potential ETF approval is considered a “sell the news” event that could lead to a drop in price.

Unrealized Profits Near Historically High Levels


CryptoQuant noted in a report that short-term Bitcoin holders currently have high unrealized profit margins around 30%. These high margins have preceded price corrections in the past, as shown by red circles on a chart. Short-term holders are still spending Bitcoin at a profit, while rallies tend to come after short-term losses are realized.

Potential for Price to Fall to $32,000


The data provider said Bitcoin’s price could decline to $32,000, which is the realized price for short-term holders. This lines up with “sell the news” events, where prices often drop after a highly anticipated bullish catalyst occurs.

Investors Advised to Exercise Caution


Capriole Investments said investors should practice conservative portfolio management leading up to a potential ETF approval. With Bitcoin up 60% during recent ETF anticipation, the risk is now substantially higher for long positions.

JUST IN: CryptoQuant states the Spot #Bitcoin ETF could be a "sell the news" event dumping $BTC to $32,000 pic.twitter.com/JmNYqWTC3C

— BlockNews.com (@blocknewsdotcom) December 28, 2023

History Shows “Sell the News” Pattern


In Bitcoin’s history, “sell the news” moves have happened before. In 2017, BTC topped out at $20,000 after CME listed BTC futures. In 2021, Bitcoin hit $65,000 following Coinbase’s IPO before falling in subsequent months.

Conclusion


While a spot ETF approval is seen as positive for Bitcoin, historical data and unrealized profits indicate a “sell the news” drop could occur in the short-term. Crypto investors are advised to be cautious if holding leveraged long positions when the event happens.

Tags: BitcoinBitcoin ETFcryptoETF
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