Bitcoin ETF Approval; Price dumps, what Next?

[TimeTeller]

This is a very good example of what expectations can do to you. It is a message to those who have tied their head around a mandatory bull run when the halving occurs. Like I’ve said, just invest in Bitcoin if you really want to, leave your funds and the bull run will come. Creating expectations with timeframes can be really disappointing because Bitcoin isn’t following our minds or wishes, it’s moving at its own pace. Tomorrow could be a dump, it could be a pump too.

The ETF approval was never such an event where you would have experienced of pump after the news has been announced. Rather the price has been on the upper trends during the last two to three months and it was in the anticipation of the ETF approval and that is how the market works. The market we see pumps before the actual event happened and this is not the first time we had experiencing this behaviour.

Of course, such event is a very positive one in this market. It creates good vibes and so it can be reflected on the market itself.
Been years in the making, this ETF is quite a magnet to a lot of crypto spectators and investors.
As the adoption is growing and so is the demand of this currency. Consider its fixed supply and you will understand such positive feeling of these people.

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[BTC_Dragon]

I have strong faith BTC will continue to climb over the big picture.

When in doubt, zoom out.

[wallet4bitcoin]

I am still in awe as to why the price of Bitcoin is testing new lows in the last 6 weeks. I expected the approval of Bitcoin Spot ETF to be a game changer and for Big players in the financial institution to take the lead and give us a fullscale bullrun, but it seems as if I was only expecting the reverse of what I thought.

What could really be happening?

Why do you awe when the price drops? Do you awe every time the price increases? What you expect about ETFs doesn't mean it will happen as you expect. We have no formula or evidence that when ETF is approved, 100% of the bitcoin price will increase. If everything becomes so easy to predict, who will lose in this game? In investing, we need to combine many factors to evaluate what will happen next, not just rely on news.

I don't know why so many people were disappointed when bitcoin price plummeted while people always said they wanted to buy cheap bitcoin, and now bitcoin price is falling, why are people disappointed?

The approval of BTC ETF was suppose to give incoming institutional investors a degree of confidence in channelling their resources towards the space (my thoughts anyways).

The new lows were actually triggered by news from financial institutions not jumping in on the investment class yet until they do their due diligence at least. So, my awe was spot on.

[irsykes]

As the title suggests, we have all been waiting for this period for a long time, and it has finally here, yet the price of BTC remains low despite the high spot ETF Bitcoin trading volume. We were led to expect that the price would increase upon SEC approval, but the contrary is now happening.  What now?

We wait for the bull run to come, the one that will have nothing to do with news like this that triggers the market prices. Since bitcoin is dumping after the approval of the spot bitcoin ETF, I see it as a good opportunity to buy more bitcoin and keep in our portfolios. The bitcoin halving and the bull run are also fast approaching, we should try and maximize the opportunity of every dip in the market now. I just feel the bitcoin ETF saga is not yet ended, but before we see a massive change in the market again, let’s try and bag more bitcoin into our portfolios.

The ETF effect has been approved and has been targeted for a long time to dump Bitcoin significantly with news hoaxes of drastic increases in altcoins, we are just waiting for Bitcoin's final correction before the halving or after. and we will see a better market in the next year that is even bigger Wall Street businesses could have control

[BitcoinsGreat]

Great development now what next to increase Bitcoin adoption? And why are Vanguard and Bank of America refusing customer access to Spot Bitcoin ETF? Are they bigger then the Govemment now? This is terrible.

If those banks are not encouraging the Bitcoin ETF , people have options to still invest in bitcoin ETF, don't they?
These banks will eventually lose their popularity if they make policies that are not liked by the general public.

Regarding the bitcoin price dump after ETF approval, better wait for the markets to reopen on Monday and you will find increase in demand for bitcoins 

[NewRanger]

The ETF effect has been approved and has been targeted for a long time to dump Bitcoin significantly with news hoaxes of drastic increases in altcoins, we are just waiting for Bitcoin's final correction before the halving or after. and we will see a better market in the next year that is even bigger Wall Street businesses could have control

Yes, this is only a temporary condition due to yesterday's euphoria after the ETF was approved and I admit that it is very complicated to predict the price of Bitcoin correctly in the future, but I am personally optimistic that in the long term, BTC will be able to give birth to new enthusiasm, even though at first glance mass adoption is currently seen as still not enough to encourage Bitcoin. Indeed, technically it is still bullish and a profit-taking moment is also needed to earn more money to accumulate potential coins or tokens.

[davis196]

I think that the 2017/2018 situation on the Bitcoin/crypto markets might be repeating.
Back in 2017, everyone was expecting the launch of Bitcoin futures trading, which built up the hype and pumped the BTC price to 20K.
After BTC futures trading was launched, the price dropped and we saw a bearish market during the entire 2018. I understand that BTC futures trading wasn't the main factor for the 2018 bearish market, but it was a significant enough factor to cause the price to drop.
I don't know if this is going to repeat in the same way. The real bull market might occur in 2025, several months after the Bitcoin halving(and after the big central banks begin lowering the interest rates).
We should be ready for several bearish months in 2024.

[kentrolla]

I think that the 2017/2018 situation on the Bitcoin/crypto markets might be repeating.
Back in 2017, everyone was expecting the launch of Bitcoin futures trading, which built up the hype and pumped the BTC price to 20K.
After BTC futures trading was launched, the price dropped and we saw a bearish market during the entire 2018. I understand that BTC futures trading wasn't the main factor for the 2018 bearish market, but it was a significant enough factor to cause the price to drop.
I don't know if this is going to repeat in the same way. The real bull market might occur in 2025, several months after the Bitcoin halving(and after the big central banks begin lowering the interest rates).
We should be ready for several bearish months in 2024.

I have observed the same thing as you have seen in the past and seems like the same market trend is repeating, but we should consider this I mean those bearish months as an opportunity to accumulate as much Bitcoin as possible. I am afraid their might be some panic selling since everyone is expecting a bull run this year. but we might see it only in 2025 Bitcoin veterans already knows about it and don't bother to panic.

[EarnOnVictor]

As the title suggests, we have all been waiting for this period for a long time, and it has finally here, yet the price of BTC remains low despite the high spot ETF Bitcoin trading volume. We were led to expect that the price would increase upon SEC approval, but the contrary is now happening.  What now?

Who led you to believing that the price of Bitcoin would increase upon ETF approval? Well, you better lead yourself next time, try to learn the market psychology, and how it reacts to situations like news, events, data, rumours, speculation, truth/lies, expectations and all that. What happens during the ETF saga is a matter of the market acting before the actual outcomes, the hype was too much and Bitcoin had already moved well upwards and adequately priced in due to the ETF saga. Now, when the ETF was actually approved, nothing more to be bought as most of those who would have committed their money because of ETF had done so because of the FOMO in the market, they had committed it before the approval due to the hype.

You may only see some of them now removing the money gradually due to FUD, but I still believe that Bitcoin will stabilise since the halving is much expected, so it will find its way to stabilise as most will not dump it yet by all means. I believe it will be stable above $35,000 for now and when another set of bullish movements comes into play when the current retracement stops, you might see Bitcoin above $70,000 within a few months. Let's all be optimistic about the bullish trend, but never believe that the ETF will cause some bullish movements as many had said. I had cautioned people about this in the past, I knew it would disappoint them as it is only the rejection that can cause significant bearish movements, and still, the market will always stabilize over time and move back upwards due to the much-expected bull run.

[Ale88]

As the title suggests, we have all been waiting for this period for a long time, and it has finally here, yet the price of BTC remains low despite the high spot ETF Bitcoin trading volume. We were led to expect that the price would increase upon SEC approval, but the contrary is now happening.  What now?

Sell the news, that is what happened. nothing more, nothing less. All the people who wanted to buy bitcoin in order to speculate about the ETFs approval already did it months ago, for sure they weren't waiting for the actual approval, so there were way more people interested in selling rather than buying. In the long run the price will go up again, don't worry.

[Tony116]

I think that the 2017/2018 situation on the Bitcoin/crypto markets might be repeating.
Back in 2017, everyone was expecting the launch of Bitcoin futures trading, which built up the hype and pumped the BTC price to 20K.
After BTC futures trading was launched, the price dropped and we saw a bearish market during the entire 2018. I understand that BTC futures trading wasn't the main factor for the 2018 bearish market, but it was a significant enough factor to cause the price to drop.
I don't know if this is going to repeat in the same way. The real bull market might occur in 2025, several months after the Bitcoin halving(and after the big central banks begin lowering the interest rates).
We should be ready for several bearish months in 2024.

I don't think the current situation is similar to the 2017/2018 period you are talking about. 2017 was the year bitcoin created a new ATH and almost certainly in 2018 we will enter bear season (4 year cycle). So I think the 2018 price drop has nothing to do with the launch of bitcoin futures. I mean whether bitcoin futures are launched or not, bear season will still happen in 2018.

Regarding the current situation, I am not surprised that the price of bitcoin did not increase, or even decrease sharply, after being approved by ETF. In my opinion, "buy rumors, sell news" is a warning that many people ignore. If we look closely, we can see that bitcoin was rising too much before the ETFs were approved, and looking at bitcoin's chart, it also clearly shows that a correction is inevitable. But because everyone ignored that, and blindly placed too much hope in the ETF, they felt disappointed when their expectations did not come true.

[KiaKia]

It's obvious that Vanguard has something to do with Elizabeth Warren, that evil queen that want Bitcoin to die, I believe they have failed all together.

The grand plan was to divert the attention to the Bitcoin ETF and drain the blood out of Bitcoin, they thought everyone would dump their Bitcoin and go ETF? It's never going to work, people will still choose to stay with Bitcoin while ETF exists.

Even if they all decide to abandon all approved ETF following what Vanguard just did, it won't make any difference, when a lot of people support something decentralized, the government will have to create a supernatural AI that will change the mind of all Bitcoin adopters to give up on Bitcoin, this is the only way I believe they can win.

[Deddyhoku]

So, we have more ways of market manipulation from bankers and even don't have any profit from it. Nice

[jasonjm]

In the long run, this news will positively impact Bitcoin. Slowly, we are moving toward a grand-scale Bitcoin adoption.
Many were expecting that the price would skyrocket at the news of ETF approval; hence, they opened long positions; after the news, the price pumped slightly, and a steep drop afterwards liquidated millions. Overall, I think the BTC will follow the usual market trends. After halving, the price will start to pump. Vanguard is still not letting its clients buy Bitcoin ETFs, which is the main reason the price dipped, I think.

[Bitstar_coin]

The next is Bitcoin will pump.

I think right now other people are really excited with Bitcoin ETFs, but after it's already approved, they start to sell their coins. Right now, it's quite stable and this might be the price correction. After all we're looking for long term and next year Bitcoin will reach new ATH.

My view is the majority of buy the rumours sell the news peeps are confused about what to do with the ETF news hence they result to selling their coins especially when the market rather than pumping to Mars is now dipping.
I believe the ETF aftermath will start showing weeks later, many people have not experienced btc ETF approval or know what it means so they would not know how to react either I guess.  

[highalch]

You did not really cover the side of miners.

Halving is coming. 2x equipment will be needed to acquire the same amount of BTC as before.

It would be logical for them to dump a little bit of BTC before halving to cover new equipment costs. As I see, it's already started.

[oktana]

You did not really cover the side of miners.

Halving is coming. 2x equipment will be needed to acquire the same amount of BTC as before.

It would be logical for them to dump a little bit of BTC before halving to cover new equipment costs. As I see, it's already started.

Is that it? I don’t think that miners actually go purchasing two times the equipments they had to earn what they used to earn before the halving. Why I don’t think it’s the case is that the computers we’re talking here is a lot. And they are really expensive. Idk but do they make that much that they double everything they are doing every 4 years? Even if some miners may struggle and get this done, most would remain the same and will eventually fall out because the rewards wouldn’t be so great as it used to be.

[tyz]

As the title suggests, we have all been waiting for this period for a long time, and it has finally here, yet the price of BTC remains low despite the high spot ETF Bitcoin trading volume. We were led to expect that the price would increase upon SEC approval, but the contrary is now happening.  What now?

This is a familiar pattern. When the Bitcoin Future was approved a few years ago, everyone thought the price would go through the roof. The opposite was the case. The day after the future was approved, Bitcoin reached a temporary price peak and then entered a bear phase. I recognize the same pattern now with the ETF approval. A lot of money has flowed into Bitcoin since October, simply through speculation on the approval. This was already priced into the price, so to speak.

[Marvell1]

....

Are you disappointed? As for me, although I also expected bitcoin to increase strongly, but I was not too disappointed when things did not go as expected because I knew bitcoin was very unpredictable. We should accept what is happening and plan next instead of continuing to be disappointed just because the bitcoin price did not increase in the short term as we expected. In terms of predicting what happens next, I still believe bitcoin will reach $50k before entering a major pullback.

i don't know why people should be disappointed when the price of bitcoin fell by 5% in the last 24 hours, do they think that the bitcoin etf will push bitcoin to its ath? would they have thought millions of people would immediately invest in bitcoin when the bitcoin etf launched? i don't think so since it's just a regular etf, why should people hype something that will only benefit those investment companies. moreover, the future of bitcoin is not only in the bitcoin etf, in the future the value of bitcoin will be even greater with or without bitcoin etf.

Not only many people on our forum, I see many investors also expressing disappointment that the approval of ETFs did not cause bitcoin prices to increase as much as they expected. To me, I think they are not really investors who have faith in bitcoin, they are more like speculators who want to get rich quickly. So they get frustrated and sell bitcoin when it doesn't rise as they expected.

I agree with you that the future of bitcoin does not completely depend on ETFs but I don't think ETFs are meaningless for bitcoin. I still believe it will have a positive impact on bitcoin, but things take time, we cannot expect them to have an immediate impact.

[borovichok]

As the title suggests, we have all been waiting for this period for a long time, and it has finally here, yet the price of BTC remains low despite the high spot ETF Bitcoin trading volume. We were led to expect that the price would increase upon SEC approval, but the contrary is now happening.  What now?

Sell the news, that is what happened. nothing more, nothing less. All the people who wanted to buy bitcoin in order to speculate about the ETFs approval already did it months ago, for sure they weren't waiting for the actual approval, so there were way more people interested in selling rather than buying. In the long run the price will go up again, don't worry.

This is one of many occasions that the ETF has come close to being approved, but it never was. I assume so many people didn't believe this was going to work, and the market movement was very low because the Bitcoin community's faith was similarly low. I'm not one of those moonboys but yeah my hope was high on this one. We may start see rapid movement from the 4th quarter according to some analysis.