Bitcoin ETF Approval; Price dumps, what Next?

[moneystery]

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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.

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[BTC_Dragon]

I feel strongly this is just some people taking profits early after the news. People pumped and dumped a tad. The price of BTC isn't going anywhere but up in the longterm. Big picture!

[dragonvslinux]

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 believe that?! I was under the impression it would likely be a "buy the rumour sell the news" type event, one based on continued upside based on the "rumour" followed by an immediate dump after the announcement and launch, which is exactly what happened. I'm surprised if anyone is shocked by the current result of these ETF launches. Wall St are not Bitcoiners, they are not going to just FOMO into an ETF.

There's also a huge difference between "price can increase dramatically" with increased amount of liquidity/investment into Bitcoin via ETFs, and ETFs pumping the price overnight to $100K. The ETF will only be "good" or "useful" after the halving, once price has stabilised and there are strong fundamental reasons for a new bull market - as per - "every bull market starts after the halving".

[Asiska02]

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?

What now? What to do now is to treat the market like the spot bitcoin ETF never got into the market and the market is just on its own awaiting the halving and the subsequent bull run that will come after it. The fake news of ETF approval was just a game well played and they’ve gotten what they wanted. The news was released in order to get to buy bitcoin at a lower price so that when finally approved they’ll sell at an higher price. After the approval there was no much change in the market and it only tested the $48K level and went back and create a new resistance far below the $48 level. This is totally a game but it didn’t go well as planned. Let’s just treat the market as if nothing happened and wait for the real bull run that will happen in the market after the halving.

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.

This was where many people got it wronged and had a wrong assumption of the spot bitcoin ETF, I also thought the same because of the hype surrounding it and the two times fake news that was released on its approval. The market immediately reacted to those news before adjusting back. So the approval was expected to make bitcoin price go up. All I have always have in mind was that; the news will affect the price of bitcoin undoubtedly but it won’t be for a long term because investors will like to take their profit immediately they’ve achieved it and will cause bitcoin to dump back after that. The former news that was released on bitcoin spot ETF approval before this year made a lot of traders to lose their money, they will be ready for this and will love to take revenge on that, maybe they already got what they wanted, hence the drop in the price now.

[Hamza2424]

Hmm, TBH I was expecting such scenario because the ETF news was already cashed now Its ETH's FOMO turn you can see people are rushing into ETH but sticking to BTC, I can expect a very decent correction which we haven't seen until now and from there we can expect a higher journey fo the BTC, also think from this sie, institutes are not interested in buying so high already.

A decent correction will make it more clear, where we are driving and I'm really interested to buy back with the amount I've chased out. In the end of day BTC is not have legal recognization.

[Antotena]

Hmm, TBH I was expecting such scenario because the ETF news was already cashed now Its ETH's FOMO turn you can see people are rushing into ETH but sticking to BTC, I can expect a very decent correction which we haven't seen until now and from there we can expect a higher journey fo the BTC, also think from this sie, institutes are not interested in buying so high already.

A decent correction will make it more clear, where we are driving and I'm really interested to buy back with the amount I've chased out. In the end of day BTC is not have legal recognization.

We are too daft to think Gary Gensler Bitcoin ETF is the beginning of bitcoin penetration into institutional investors that some people are already calling for ETH ETF, wow!

Well, I was just reading some news on Cointelegraph that vanguard will not list Bitcoin sport ETF and some investors are trying to ditch them, not long after that when I saw Gary Gensler saying they(as SEC) didn't endorse bitcoin in anyway and even as people see it as a store of value, they (as SEC) see Bitcoin as illicit weapon from facilitating bad things, I was mad for a minute then I realized that he just disclosed his real person. Why are we going to trust government agency to endorse bitcoin? That nitwit will never like Bitcoin all his days in office and I'm not sure if ETH will ever get that chance for approval.

[Franctoshi]

There are a couple of things I believe that are currently causing the decrease in the price of Bitcoin, and one is selling the news event, secondly from the technical analysis side point of view, we just hit a major resistant level at 48k because the price has already gone way oversold on the daily and even on the weekly time frame, so really need to cool off a bit, and I'm not surprised seeing the price correcting, and this is even another opportunity to dip into the market because we will definitely get a bounce after the correction, Lastly, I think some investors have started pulling some funds out of Bitcoin and are Buying Ethereum because of possible Ethereum spot ETF approval on the line.

[Z-tight]

I have been waiting for a topic like this, i know some people have already started moaning that BTC has not started pumping, so many people believed that the moment spot etf's were approved in the u.s. market, we were going to go on a bull run immediately, but take note that things happen in an organic way in the BTC network, it is not like in altcoins were things just happen only based on hype and everything is gone after the hype.

People should wait for months at least, before moaning that the price has not risen, the BTC halving has also not happened, so some patience is very necessary and if you can, buy more BTC's.

[darkangel11]

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.

Of course it will. It always does.
It's really easy to explain what's up.
Grayscale wanted to avoid this and allow people to convert their GBTC into ETF, but the SEC did not allow it. They demanded a cash conversion, so GBTC has to send bitcoin to coinbase, sell it, buy it back and put it in ETF custody to be able to sell ETF shares... Tell me this isn't stupid and pointless, but they had to agree to this to get the approval from the SEC...
They sold 2k bitcoin today, but this money is coming back in the form of ETF shares. It's not being dumped to exit the market.

[BitcoinPanther]

The price did pump when SEC approved 11 spot ETF but it does not last long.  The price of BTC goes up to $47k but it was a temporary pump because many people who has long position possibly cashed out when the price increase resulting to the price of BTC revert back to what it was before the SEC announcement.  I don't think the price of BTC dumped but rather it correct itself and simply goes sideway.

[adaseb]

We should wait a week and see how the flows will be to these etfs.

Yes it’s strange that as soon as it launched it had a huge dump. Especially on both days. Today we had a -$3000 day.

However when the flows were released from the funds, we net almost close to +$700M. So why did we dump? Maybe it was GBTC but they only outflow $90M.

So maybe it’s dumping because of the sell the news traders.

[Whatarewedoin]

Im I the only one in fear that ETF could kill bitcoin?

I dont trust the old money and in my opinion everything they touch dies. Does anyone with more knowledge see a wedge where there greasy hands could destry the whole thing?

[The Cryptovator]

I was concerned when a few signal groups posted that Bitcoin ETF approval was more likely to sell. And eventually it will become true. I thought ETF approval would cause a historical change in the crypto world for price movements. Of course, the ETF is a historical event, but not for the price movements. It's normal because traders take advantage of the volatility. On the other hand, ETF volume isn't on the chain or similar to CEX. So we may not see the impact on the Bitcoin price. I am pretty sure it's a correction, and we might see soon Bitcoin start growing since halving on the way.

[mirakal]

We can't hold different expectations of the people most particularly for those who are very positive about bitcoin ETF approval. Even myself, I have this feeling that if bitcoin ETF will finally be approved, we will see bitcoin price skyrocketing. But it seems bitcoin is not yet ready for that, then we should learn to adjust.

Just remember that bitcoin is highly volatile. It has its own timeframe when to increase its price and when to see it dropping. Patience is a must so we just have to wait when bitcoin price will start to skyrocket and reach its new all time high.

[oktana]

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.

[irsykes]

I heard a lot of different responses to rumors from people that this ETF was approved. it seems to me that Wall Street has a subtle strategy for its own purposes. like the news fomo ETF brought bitcoin there was an extraordinary increase in a few days and yes in the forum many people think the same as me about ETF being successful

[2Pizza410000BTC]

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?

Day 1. Trading volume as reported on multiple meanstrem.

Here I have the same question as you we were waiting for bitcoin etf approval we always expected the price to go up overnight when bitcoin ETF was approved. The price of the Bitcoin ETF rose to a high of $48,969 when it was approved. From 48969 dollars, the market has only dumped and has not risen. Currently, the market is standing between 41500 dollars. But I don't know any reason for this market dumping. We were very happy to see the growth in the Bitcoin market but seeing the current market, there is a lot of fear that the market will dump more. But I don't know if this dumping of Bitcoin will be temporary. I think the market will be more dumping.

[South Park]

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?

Day 1. Trading volume as reported on multiple meanstrem.

This was to be expected, the rumors that a bitcoin ETF could be approved this time around were very strong, so before this became a reality we saw a good rally, so the approval was already priced in and the news itself had no impact on the markets as the growth in the price had happened already, so I think of this dump as completely natural, since even if there is some manipulation going on, it is the kind of manipulation you could expect to see on any other market.

[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?

[Emmanuelex]

I don't know, maybe I'm the only that really don't bother much with all these things. Even if price goes down I'm still going to continue buying monthly, because I'm just certain that come rain come shine, the price will definitely go up later and I will make my profit.