Coin Edition -
- Crypto investor asked what would happen if all the spot Bitcoin ETF applications got rejected.
- According to him, such thoughts should cause any retail investor to prepare for uncertainties.
- Members of the crypto community believed it was already too late for the ETF applications to be rejected.
Renowned digital assets investor Crypto Tony has asked the crypto community on X (formerly Twitter) what would happen to the Bitcoin market if perhaps all the spot Bitcoin ETF applications got rejected.
If this pump is due to a suspected ETF #Bitcoin approval, what would happen if they were to all get rejected Basically a plan for the market makers to squeeze in more liquidity for their own benefit. Makes you think right— Crypto Tony (@CryptoTony__) October 26, 2023
According to Tony, having such thoughts should cause any retail investor to prepare for uncertainties that could arise when market makers decide to “squeeze in more liquidity for their benefit.”
Various members of the crypto community took turns to respond to Tony’s post, as some of them decried his skepticism, confident that the spot ETFs would be approved. One of such respondents thought it was already too late for the ETF applications to be rejected. According to him, there will be a big crush in 2026.
Another respondent identified as Crypto Simon aligned with Tony’s perspective. Simon believes it is always wise to consider all possibilities. According to him, the Bitcoin market might experience a sharp pullback if the ETF applications get rejected after much anticipation. The acclaimed trader thought it was good to prepare and strategize for every scenario while engaging in the crypto market.
Bitcoin reached a 16-month high last Tuesday after crossing the $35,000 mark. The flagship cryptocurrency surged following false news about a spot Bitcoin ETF approval. A sustained rally followed an initial spike that pushed Bitcoin above significant resistance, leading to a 30% gain for the pioneer cryptocurrency in less than ten days.
Bitcoin consolidated after reaching a yearly high of $35,198, with most technical indicators projecting an overbought condition for the top cryptocurrency. Despite the slowdown, the price has remained bullish, with each daily candle closing higher than it opened for the past seven days.
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