Bitcoin retail investors may end up with a hot potato if the spot ETF go-ahead plays out like gold 20 years ago, analysis considers.
9005 Total views 34 Total shares Listen to article Bitcoin (BTC) may suffer when the United States approves the first spot exchange-traded fund (ETF), a new warning says. In a thread on X (formerly Twitter) on Nov. 28, Joshua Lim, head of derivatives at capital market firm Genesis Trading, predicted a volatile start to 2024 for BTC price action. Lim said that Bitcoin is already a target for traditional finance, or “TradFi,” which is betting on winning big out of the spot ETF approval. “We know tradfi guys / macro tourists are already long crypto ahead of ETF news. They’ve built the position over the last few months and are now paying handsomely to roll it,” the thread explained alongside data covering open interest on CME Group’s Bitcoin futures.Bitcoin ETF approval: Retail may be left holding the buck
Interesting to note that throughout all of the courtroom drama, institutions are accumulating #Bitcoin.
The CME currently has a >$350 premium to the Bitfinex spot price — and it has consistently traded at a premium for well over a month 👀 https://t.co/3SAXRnMMRq pic.twitter.com/TAZDm6IABd
— Jelle (@CryptoJelleNL) November 28, 2023
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