Bitcoin has been in the spotlight due to the anticipation of a spot ETF, with the digital currency trading at its highest level since April 2022. However, Bloomberg’s Mike McGlone predicts a market correction is imminent, regardless of whether the SEC approves the ETF or not. He believes that Bitcoin, like other risky assets, will start to dump as the market heads for a correction.
The ETF continues to be a significant event for Bitcoin, with BlackRock reportedly setting aside $2 billion. However, fee wars between the issuers persist. The leading ETF applicants are competing to offer the best fees, with some waiving the fees altogether for the first $5 billion. BlackRock has yet to reveal its fees, while Fidelity has set its own at 0.39%.
Despite the potential market correction, veteran trader and analyst James Lavish suggests that Bitcoin could surge higher once the ETF launches. Lavish, the managing partner of the Bitcoin Opportunity Fund, believes that there are billions of dollars waiting to bet on BTC once the ETFs are available. He argues that the ETF will provide a home for this liquidity, and the digital gold narrative will drive it.
David Weisberger, CEO of CoinRoutes, agrees that Bitcoin is likely to dip in the short term despite the ETF approval. McGlone, who is the senior commodity strategist at Bloomberg Intelligence, also concurs. He predicts that Bitcoin will shed some of its recent gains as the market cools down. According to McGlone, the SEC’s decision will not impact Bitcoin’s dip. If the SEC approves the ETF, a “sell the news” phenomenon will occur, and speculators will offload the BTC they have accumulated. If the SEC rejects the ETF, the resulting fear, uncertainty, and doubt (FUD) will also lead to a dip in Bitcoin’s price.
The panelists dismissed a recent thinkpiece by former BitMEX CEO Arthus Hayes, who argued that the RRP has been a massive contributor to crypto liquidity and that a 30% correction is due as the RRP dries up.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Scott Melker, Mike McGlone, Arthus Hayes, James Lavish, David Weisberger |
| Companies | BlackRock, BitMEX, Bitcoin Opportunity Fund, Fidelity, Bloomberg Intelligence |
| Currencies | Bitcoin |
| Securities | None |
