Bitcoin takes a breath but remains underpinned by Spot ETF hope. Will we remain rangebound ahead if news on the Spot ETF application?
USD/JPY IG Client Sentiment: Our data shows traders are now at their least net-long USD/JPY since Oct 03 when USD/JPY traded near 149.10.have taken a bit of a breather since the expansive rally that broke above the $35k mark last week Tuesday. Since then, it appears to be a case of uncertainty and rangebound trade but Bitcoin remains underpinned by hopes of the BlackRock Spot Bitcoin ETF approval.
The hype around the ETF is justified as we have heard comments from many asset managers and CEOs confirming they are fielding many enquiries and calls regarding diversification into Crypto. This hype seems to be underpinning Bitcoin right now so if we do have a rejection of the BlackRock Bitcoin ETF then we could be in for a deeper retracement.
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