The launch of a bitcoin (BTC) spot exchange-traded fund (ETF) in January might see subdued initial demand, potentially leading to a ‘sell the news’ situation and causing short-term volatility for bitcoin. Singapore-based QCP Capital suggests a likelihood of bitcoin facing resistance in the $45k-$48.5k range, with a possible retracement to $36k before the uptrend resumes. Amid this, QCP Capital notes that ether (ETH) could become a secondary investment option, with speculative interest in a forthcoming ether spot ETF possibly driving up ether prices ahead of the actual launch. Recent meetings between BlackRock, Nasdaq, and the SEC indicate ongoing discussions on rule changes for listing the bitcoin ETF. Grayscale has also had a second meeting with the SEC.
Over the past month, Bitcoin has surged by 17%, according to data from CoinDesk Indices, fueled by growing anticipation surrounding the ETF.
