BTC crash after ETF approval? One applicant thinks so

The race for the coveted first Bitcoin Spot ETF is almost over. Approval is expected as early as January 2024. A reason to be happy? According to Cathie Wood, not immediately. The founder of Ark Invest is one of the applicants. After approval, however, she first expects a drop in the price of Bitcoin, also called a Sell The News event. After that, she expects the stock price to reach $100,000.

The various applicants - including BlackRock - and the responsible US authority SEC have been in talks for weeks, clarifying the details of the applications. The SEC recently indicated that it could approve the applications in the first two weeks of January. After that, the final deadlines also expire.

In the crypto space, the adoption of spot ETFs is expected to bring billions of dollars to the market. BlackRock alone manages nine trillion US dollars.