Bitcoin ETF more likely to be approved but why price is going down?

[solkinsolali]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

As far as I am concerned, the ETF approval for Bitcoin may not necessarily be what will make the price skyrocket. Even when ETF was not in the picture, we experienced same highs and low values for BTC.

[dothebeats]

ETFs are not the primary reason as to why there should be some form of uptrend. Traders have learn to avoid any decisions based on ETFs as it's still likely to be declined rather than accepted, even if there are already 2 commissioners favoring in the decision. Perhaps when ETFs are approved, that is the time where increases would be seen and the downtrend spell would be reversed. Right now, it's all baseless assumptions and pointless discussions regarding ETFs that don't really add up anything to bitcoin as a whole.

[babarian]

the acceptance of Bitcoin by ETFs does not guarantee that the price of bitcoin will be pumped by it, this is only one way of bitcoin to be increasingly accepted in various lines of life, but again it is not a guarantee.

[millensharon8]

Bitcoin ETF is more likely to be approved but why is the price down? in my opinion ETF is not a guarantee to make BTC prices rise. but purely because of the purchase of a lot of people, if the price of btc is currently down, maybe many investors are afraid or they are waiting for the good time to buy BTC.

ETF was not even meant to be any guarantee that there would be some changes in the market, and I guess this is just some set of people trying to be optimistic unnecessarily based on ETF approval and trying to attach the mindset that it should bring something new to the table, that have decided to see ETF approval as a news that should be affecting the market.

At this stage, we will need a much better news than ETF, and asides that, I do not see ETF as a driving factor either.

[Chrisjay29]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

 Maybe it because its not yet fully declare the result. Lets wait to the whole decision maybe that time investor will come again and pump the market.

[BrewMaster]

it is simply because the "Market" is tired of SEC's nonsense and has decided that it doesn't want to react to their shenanigans anymore. so no matter how many good (fake) signs they show us, in the end we know the result is not going to change, most probably. so we don't care about who is in favor of what now.
not to mention that we are not so sure about ETF being good for bitcoin anymore. it may actually end up being a terrible thing in the long run.

[0t3p0t]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

Approve it or not Bitcoins life goes on and on as it is a decentralized asset. Prices might be affected but not that hard.  It is not about ETF, it is about the Bitcoin community that strongly supports it. If the community has a lot of weak hands, whales and traders then the battle of volatility or the what we called uptrends and downtrends will continue as it is one of crypto's or Bitcoin's characteristics.

[dr_chen]

I think, the crypto investors became desensitized to ETF. Bakkt announced that it will carry out the transaction with real bitcoin purchase. I think it will be more effective in terms of market pricing of Bakkt.

[prtty2gal2]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

I think ETF is not going to be approved anytime soon so the "more likely to be approved" is a wrong false flag for us. However lets take it into consideration and say that it will be accepted, why would it matter for the price of bitcoin ?

People who buy bitcoin ETF is not actually buying bitcoin, none of that money goes directly into bitcoin space at all, it is basically betting on which direction bitcoin will be going without actually spending money on bitcoin. So, even if it gets accepted there won't be new money coming into crypto, it will just be gambling on the price of bitcoin, thats all.

[Parodium]

It's still not likely to be accepted considering the extreme volatility and potential market manipulation it is being subjected to. Either way, the current market conditions put very little weight on positive news, and a lot of weight on negative news. Hence why small FUDs cause big dips, and great news leads to only minor gains. Until we get out of this state of hypersensitivity, we're not going to see much growth.

[Slow death]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

you are not forgetting anything, what happens is that the time for a possible approval is still very long so people are preferring to wait for the price to fall further to buy, and they are doing this process very well done and see that this is an excellent strategy because on the one hand people who are desperate because the price does not rise so they are selling and on the other hand we have the smart people who are buying to sell when the SEC approve the ETF. about Bakkt is the same thing, will only have a big influence on the price when it starts to operate

[nambunamba]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

I think we should be patience, i do think ETF would be approved but it would be on febuary and maybe it would take effect in 4 months or less. We need a clarification about ETF and we should wait patiently. I think market condition is really good and more stable, i expect big grow in november when bakkt launched and in febuary when ETF most likely to be approved on that months.

[chokomenia]

Let's say people are afraid to invest, they want to hear the news that it's been approved before they will invest. It's been long the bitcoin ETF is been said it will get approved, but when the time reaches, the SEC either disapprove it or they postponed it and this has happened a couple of time and each time it happen, market normally reacts in a downtrend, so this time, no one want to take chances anymore, let it get approved and we see how the market will react.

[coinplus]

Now we have 2 SEC judges in favor or BTC ETF and 1 against, the market should have to give some signs of growth by now, we have a likely ETF approved and Bakkt soon, why does the price is going down? am I missing something?

investor looking news not only thats dude.maybe they have their own reason why they sell their asset although positive news will come to market.

There are so many other reasons for a market should grow when it comes to news and I do not see this being one of them as far as I am concerned. Whether ETF gets approved or not, I thought by now a lot of people should have known that it has nothing to do with the movement of the market.

The market is always bound to move as it pleases and how people perceive it and that would be based on some price actions as well, but for now, I would just say the market is totally in an indecisive state and only some news about adoption can save the day and not some ETF approval. Maybe we need to start understanding that the market is generally not affected by news since it is still mostly speculative anyway and easily manipulated.

Apart from all that, I really do not see ETF really having that much of a huge impact in the long run and it is just like opening another channel for inflow of money and it is not like we should just expect something big or huge to come out of it. Give me a news of scaling option being implemented, huge number of merchants all over the world beginning to accept bitcoin as a means of payment, and then we start seeing real life usage and adoption, then, tell me, if you won't see the market grow. That is news, not some ETF approval or 2 judges in favor thing.

[carter34]

It's still not likely to be accepted considering the extreme volatility and potential market manipulation it is being subjected to. Either way, the current market conditions put very little weight on positive news, and a lot of weight on negative news. Hence why small FUDs cause big dips, and great news leads to only minor gains. Until we get out of this state of hypersensitivity, we're not going to see much growth.

You have a good analysis but lately, we have also seen relatively stable price not diving to the left nor right despite the FUD or otherwise ... Is it really what should get ETF, I have been wondering if market sentiment really has ears, listening and behaving as against volatility. 

[BitHodler]

about Bakkt is the same thing, will only have a big influence on the price when it starts to operate

That's assuming they generate worthy enough volumes to really become an important player in the market, which I am not really that confident about. I'm not writing it off entirely, but it's good to be conservative.

Another factor is that the market matures as time goes by, which means that 'good news' and to some degree also 'bad news' will become even less of a thing. It leads to less overall volatility which is a positive step forward.

Why should the market always react to news? It's no longer 2013/2014 where the price pumped each time a large merchant started accepting Bitcoin. That was pathetic in my opinion.

[Kprawn]

I think the "hype" about the SEC is already factored into the market, because most speculators have already bought some coins in

advance, before the rush happens.  We have seen several exchanges folding under the pressure, when these major events

happens, so I think it is a safe bet to buy in advance and not on the day of the announcement. A lot of people are not falling for

the games being played by the SEC, so they are dumping some coins now. 

[pixie85]

It's still not likely to be accepted considering the extreme volatility and potential market manipulation it is being subjected to. Either way, the current market conditions put very little weight on positive news, and a lot of weight on negative news. Hence why small FUDs cause big dips, and great news leads to only minor gains. Until we get out of this state of hypersensitivity, we're not going to see much growth.

It's the same with futures. They are subject to extreme volatility and yet we have futures being approved and regulated.
ETFs were well thought over by companies and their lawyers and these are not newbies. They are managing millions of dollars every day so they know what they're doing and they know the SEC will have to accept their project. It's only a matter of time.

[figmentofmyass]

not to mention that we are not so sure about ETF being good for bitcoin anymore. it may actually end up being a terrible thing in the long run.

yep, all these newbies praying for an ETF to save their bags should be careful what they wish for.

ETFs and other paper derivatives may be "backed" on paper, but so is much of the paper gold/silver market that is blamed for manipulating the spot gold/silver markets. i'd like to think that bitcoin derivatives won't be the "tail that wags the dog" but how can we be sure? what if volumes on derivative markets drastically overshadow volume on spot markets? that could potentially grant institutions and central banks a lot of influence over spot market prices.

[Sylvial]

Investors have not found reasons to come in yet, so it invariably means new money hasn't made it's way in the market. Until that happens, the market might just continue to move sideways