Crypto investors had been increasing their BTC purchases yesterday with the optimism generated by a few small signals. However, one of the signals indicating that ETF approval was approaching has just reversed. This has caused the BTC price to drop below $34,000 again.
Why is Bitcoin Falling?
Eric Balchunas stated yesterday that the iShares Bitcoin Trust has been listed on the DTCC, and its stock code will be IBTC. This indicated that this ETF could be launched in the next few weeks. However, a few minutes ago, it was revealed that the Spot Bitcoin ETF was removed from the DTCC list. This means that the news that triggered the optimism has now become futile. As a result, the BTC price rapidly retreated to the $33,700 zone.
Investors who were caught up in FOMO while the price was rising may now start selling due to the news of being delisted. Investors should be prepared for the possibility of more bad news in the coming hours.
What is accelerating the decline for Bitcoin is the possibility of significant transfers to exchanges. If miners start making large transfers and initiating profit sales, others may follow suit. We will continue to announce new developments.
At the time of writing, BTC had dropped to $33,660.
