Bitcoin ETF Approval Anticipated as a 'Sell the News' Event

By: Eva Baxter

According to predictions, the value of Bitcoin may witness a downturn with the potential approval of a spot exchange-traded fund (ETF) in the U.S. in the coming weeks. This is because trader's unrealized profits are reportedly at a level that typically signals a correction.

CryptoQuant, a notable data provider in the cryptocurrency realm, has expressed this perspective, indicating that Bitcoin might experience a period of downside that could result in a plunge in its price.