TechFlow news: The CEO of hedge fund North Rock Digital took to Twitter, stating that the main issue with ETF trading is that it won't bring any inflows in the short term, and even if approved, it would take at least six months to materialize. All those who wanted to buy have already done so within this short timeframe, yet this hasn't changed the market situation. Once there are signs of negative news (and there are many potential triggers), all new buyers will become sellers, as they aren't strong hands.
Although many other factors are driving BTC's rise, ETF applications currently cannot reverse the overall market trend.
There might be some improvement if there’s further confirmation of internal shifts at the SEC, but at present, there isn’t enough evidence to support this.
While I don't hold a short position in Bitcoin and believe shorting offers limited returns—since unless truly terrible news emerges (which is possible) the downside appears capped around 24-25k—I do think shorting other junk coins that have surged dramatically due to Bitcoin's rally offers a favorable risk-reward profile. I've already initiated some such trades over the past 48 hours.
