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 <p class="is-style-lead">Crypto prices have slumped over the past 24 hours, with Bitcoin (BTC) down 3.15% and Ethereum (ETH) slipping 3.89%.&nbsp;</p>
 <p>One analyst speculates that this could be due to the market being overexposed to leveraged long positions. Accordingly, it has created a cascading effect, causing the liquidation of several assets.</p>
 <p>However, several projects, including the Bitcoin ETF token (BTCETF), appear resilient. In the ongoing <a rel="noopener noreferrer nofollow" title="presale" href="https://thebittimes.com/tag/presale.html">presale</a>, it has raised nearly $1 million less than a week after launching.</p>
 <h2 class="wp-block-heading" id="strong-market-is-cooling-off-traders-are-greedy-strong"><strong>Market is cooling off; traders are greedy</strong></h2>
 <p>According to CoinMarketCap’s Crypto Fear and Greed Index, market participants are “greedy.”&nbsp;</p>
 <p>This reading implies that investors display little caution or risk management and are bullish.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/Zp51getZdWMMHM8t0InglGLBqm6lgnu4wh74He3QZWGb1hkWB6keRnOZXsM2tfD2hCsDGXO8xO1XFOljFUvtS6trnub3_-hh_MkdjjRgJ3peWif2RBbgZJRDm8ndhkNmdiHcJiiRLrEtpOVuTHd7BsM" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 1">
 </figure>
 <p>Whales can take advantage of these conditions to make large opposing trades with minimal price impact. Often, extreme greed precedes a significant selloff.</p>
 <p>Furthermore, Bitcoin has resistance at $38K and is changing hands at $36.3K when writing.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/SKxv_BD2qYr-tXYxTP6FOTLURQ0tjXUcCySuWc1jufzJ7ZQP5R58u1R6HOLkJft7QaEbC5v0AGznfiAYQGDnLIhs35y2uZ5FqSStPZrhkgpep9dHG9nLy_xZZEiCBIT7QEBQPINs2-OXe6N9zVZ6YJ0" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 2">
 </figure>
 <p>Meanwhile, Ethereum rejected $2.08K yesterday, forming a double top, before retracing to around $1.98K when writing.</p>
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 <p>Analyst Doctor Profit noted the market’s misplaced confidence.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/QbV4BJQu43Ycj3NRTfr0iIlqa1KufyfGgMs46CqFUtbKqKKCy5w4ztJJZpB-bJ2csHYC6iURsKwk2GJmPzaePcg0iepO-SkELdU62kqWX6sWVhivrX6N_BM_tDCZbMYVASO9vIIPGuZoKYrrUndWV74" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 3">
 </figure>
 <p>He notes that traders are “longing at resistance.” Then, BTC had retested $38k.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/XLz5tvnDTeZI5_wxMxrckUxpjGuTfe9CaRfvOBfI5KIwQ0PeuVZnwauDoOt5yVsRJC54Q-Wk66ul2RPFfw3SiGkdXw-XkkPeY0pz5jUDC5FmUEZC9mIayfm8WM3nSgJAMSzFtMAwNqSJX9uBR7xU6l8" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 4">
 </figure>
 <p>Overall, the market is bullish on the upcoming Bitcoin halving, the possibility of the first spot Bitcoin ETFs being approved, and Blackrock’s new plans for a spot Ethereum ETF.</p>
 <p>The SEC delayed the decision on HashDex’s Bitcoin spot ETF application, denting market confidence. This delay means crypto users must wait until January for Bitcoin spot ETF approvals.&nbsp;</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper">
   <div class="rll-youtube-player" data-src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/ST5-gnQNGNk" data-id="ST5-gnQNGNk" data-query="feature=oembed" data-alt="Bitcoin Spot ETF Approval Could Happen 'Within the Next Week,' Diffuse Funds CEO Predicts"></div>
   <noscript><iframe title="Bitcoin Spot ETF Approval Could Happen 'Within the Next Week,' Diffuse Funds CEO Predicts" width="1020" height="574" src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/ST5-gnQNGNk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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 </figure>
 <p>This delay and overexposure to leveraged longs have caused Bitcoin, Ethereum, and other <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> to retrace.&nbsp;</p>
 <p>However, some cryptocurrencies, such as Dogecoin (DOGE) and Avalanche (AVAX), have been relatively firm. Analysts are also tracking the Bitcoin ETF Token, whose presale is ongoing.</p>
 <h2 class="wp-block-heading" id="strong-the-bitcoin-etf-token-is-bullish-nearly-1-million-raised-in-presale-strong"><strong>The Bitcoin ETF Token is bullish, nearly $1 million raised in presale</strong></h2>
 <p>Bitcoin ETF Token combines the excitement of Bitcoin ETF approvals with unique tokenomics and community building.&nbsp;</p>
 <p>In their presale, the project has raised almost $1 million.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/10C-1yCioiSuC--19O6mB2BeNOpPPNIlNjo2asFvoRQNnfpVb10sXaJaOgjrsWfC1PdvP2TICIhuNYRxZFo4pyMz1XC-OAijTVp9-rSZbLwL-xzcB2rA_ozmFNP0g6s6sM-5K-89GUdco9hfOdHg_bQ" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 5">
 </figure>
 <p>Several analysts, including Jacob Bury and Crypto Boy, remain bullish on BTCETF.&nbsp;</p>
 <p>Bury describes the project as a “Bitcoin alternative,” despite Bitcoin-related assets often outperforming the market leader due to their relatively low market caps.&nbsp;</p>
 <p>The project has also received mentions in several <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> news outlets, including <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.news.&nbsp;</p>
 <p>Bitcoin ETF Token allows staking.&nbsp;Moreover, it has integrated a burn mechanism where 5% of BTCETF supply will be destroyed at five key Bitcoin ETF milestones.&nbsp;</p>
 <p>BTCETF is deflationary and has a 5% burn tax on all transactions.</p>
 <p>For the community, there is a news feed aggregating the latest Bitcoin ETF updates into one dashboard for easy engagement.</p>
 <p><strong>Visit the Bitcoin ETF Token <a rel="noopener noreferrer nofollow" title="presale" href="https://thebittimes.com/tag/presale.html">presale</a></strong></p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> WisdomTree makes an amendment to spot Bitcoin ETF application
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-and-ethereum-slide-as-crypto-turns-red-btcetf-presale-nears-1m-tbt70732.html">https://thebittimes.com/bitcoin-and-ethereum-slide-as-crypto-turns-red-btcetf-presale-nears-1m-tbt70732.html</a></p>

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m

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