Crypto Market Settles After Bitcoin Spot ETF Buzz

Bitcoin’s Chill Dance After the ETF Hype

Yesterday evening, Bitcoin knocked a no‑glam down to the $34,000 range after a brief flirtation with the $35,000 mark at dawn. It’s back to a classic side‑stepping look, as if saying, “Hold my beer, I’m just looking around.”

Ethereum’s Bumpy Road

Ethereum is wiggling around the $1,775 point, after a fumble near $1,850. It’s trying to find a comfortable spot, but right now it’s stuck in a bouncy beat centered on $1,775.

Solana’s Guarded Gate

Solana remains stubborn at the $32 level, refusing to move out of its defensive stance. Anyone betting it will break those walls has a tough road ahead.

Why the Lurch? From Record Highs to Profits‑Taking Waves

The market has been taking a breath after a wild ride in the latter half of the year. Those record highs hit when this week’s headlines hinted that BlackRock’s iShares Bitcoin Trust was about to hit the street.

When the Nasdaq cleared the ETF for a symbol IBTC, the buzz spiked, and Bitcoin leapt to a brisk $35,000. Then, due to some regulatory back‑and‑forth, the listing was taken down and re‑listed, leaving investors wobbling.

According to a DTCC spokesperson, the ETF had been on the books since last August. He assured folks that it’s just a routine part of opening any new ETF, and no ETF can launch without hitting regulatory green lights.

So, the early‑week optimism fizzled out quickly. The crypto world saw over $132 million worth of long Bitcoin positions grabbed—recorded as the largest single‑day liquidation since September 11 of last year. Meanwhile, short positions were wiped out with a splash of about $153 million—still a staggering sum.

The numbers say a lot: traders were under the impression Bitcoin couldn’t hold above $35,000. The market split grew near-even—buyers and sellers were almost sticking hand in hand. The ratio carved a fine line at 0.9693, so sellers edged ahead by a hair.

And there’s more: Ark Invest, steered by Cathie Wood, sold a slice of its Coinbase and GBTC shares, shedding about $2.5–$3 million each. While she might not abandon crypto, the move feels like a neat profit‑taking shuffle after GBTC slid beneath price floors for the first time since 2021.

Will a Bitcoin ETF Fire Up the Market?

It’s tempting to think that the arrival of a spot ETF will catapult price levels—just like gold did after its physical ETFs rolled out. Though some point to gold’s sagging and the ascent borne from the ETFs, it’s not a one‑way road. Some incredible metrics, like Zoom’s shares losing value even after massive asset‑manager stakes, prove the story’s not that simple.

Peter Schiff famously dismissed Bitcoin’s rise as a pure speculation gamble. I side with him: the crypto fundamentals still look feeble, and widespread adoption remains a distant dream.

Meanwhile legal tussles between the SEC and crypto firms breed uncertainty. Until we see tangible regulatory approval, the market will likely maintain its cautious, mixed vibe. The ETF whisper may only echo as a hopeful nudge—nothing more than a pleasant notion unless it turns into concrete actions.