Bitcoin ETF

Bitcoin

Spot

BitMEX co-founder, Arthur Hayes, has published a blog post predicting a specific price correction for Bitcoin following the introduction of the highly anticipated Spot Bitcoin ETF.&nbsp;
<h2 id="b-bitcoin-price-correction-forecast-b">Bitcoin Price Correction Forecast</h2>
The former <a href="https://bitcoinist.com/bitmex-founder-arthur-hayes-ditch-solana-for-ethereum-cardano-tvl-pumps-everlodge-to-outperform-the-market/" target="_blank" rel="noopener noreferrer nofollow">chief executive officer of BitMEX</a>, Hayes has shared valuable insights on the potential <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-300-surge/" target="_blank" rel="noopener noreferrer nofollow">price impact for Bitcoin </a>following the approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
According to Hayes’s analysis, Bitcoin is projected to experience a 20% to 30% price correction by March 2024. The crypto exchange founder warned that the correction phase could be relatively steep if there is a substantial surge in traders’ interest in <a href="https://bitcoinist.com/bitcoin-spot-etf-applications/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs.&nbsp;</a>
“I expect Bitcoin to experience a healthy 20% to 30% correction from whatever level it has attained by early March. The washout could be even more severe if the slate of US-listed spot Bitcoin ETFs has already commenced trading,” Hayes explained.
In the <a href="https://cryptohayes.medium.com/signposts-693ba565cd3e" target="_blank" rel="noopener noreferrer nofollow">blog post</a>, Hayes also predicted a 30% to 40% correction in Bitcoin’s price if the value of the cryptocurrency surges to its previous all-time high in 2021.&nbsp;
“Imagine if the anticipation of hundreds of billions of fiat flowing into these ETFs at a future date propels Bitcoin above $60,000 and close to its 2021 all-time high of $70,000. I could easily see a 30% to 40% correction due to a dollar liquidity rug pull. This is why I cannot buy Bitcoin until these March decision dates have passed,” the crypto exchange founder stated.&nbsp;
<h2 id="b-potential-impacts-of-spot-bitcoin-etfs-b">Potential Impacts Of Spot Bitcoin ETFs&nbsp;</h2>
A crypto enthusiast on <a href="https://x.com/deadcaitbounce/status/1742996795498618915?s=46" target="_blank" rel="noopener noreferrer nofollow">X</a> (formerly Twitter) has stated that the introduction of Spot Bitcoin ETFs would have a long-term effect on the crypto space. This may encompass the anticipated rise in <a href="https://bitcoinist.com/arthur-hayes-bitcoin-price-up-to-760000-ai/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price</a> as many analysts <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-70-billion/" target="_blank" rel="noopener noreferrer nofollow">predict</a> Bitcoin’s value reaching unprecedented heights following the approval of Spot Bitcoin ETFs by the SEC.&nbsp;
<blockquote class="twitter-tweet">
 As someone who used to spend all day every day selling ETFs and other financial products to traditional money managers of all shapes and sizes, I can promise you one thing
 Even if bullish, most of you are drastically underestimating the long-run impact of crypto ETF approvals
 — Caitlin Cook <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f441.png" alt="👁" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f444.png" alt="👄" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f441.png" alt="👁" class="wp-smiley" style="height: 1em; max-height: 1em;"> (<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2716.png" alt="✖" class="wp-smiley" style="height: 1em; max-height: 1em;">,<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2716.png" alt="✖" class="wp-smiley" style="height: 1em; max-height: 1em;">) (@DeadCaitBounce) <a href="https://twitter.com/DeadCaitBounce/status/1742996795498618915?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 4, 2024</a>
</blockquote>
“As someone who used to spend all day every day selling ETFs and other financial products to traditional money managers of all shapes and sizes, I can promise you one thing. Even if bullish, most of you are drastically underestimating the long-run impact of crypto ETF approvals,” the X user stated.&nbsp;
In contrast, crypto investors like <a href="https://bitcoinist.com/bitcoin-etf-poses-threat-arthur-hayes-warns/" target="_blank" rel="noopener noreferrer nofollow">Author Hayes </a>disclosed previously that the launch of a Spot Bitcoin ETF could have a potentially negative existential influence on Bitcoin, particularly if ETFs garner more attention from <a href="https://bitcoinist.com/bitcoin-etf-to-lure-in-new-institutional-investors/" target="_blank" rel="noopener noreferrer nofollow">investors</a>.&nbsp;
While there are differing views on the impact of Spot Bitcoin ETFs on Bitcoin, the final decision on its launch is still pending. The <a href="https://bitcoinist.com/sec-sets-deadline-for-btc-spot-etfs-for-issuers/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> is slated to reveal its verdict on the approval of Spot Bitcoin ETF applications by Wednesday, January 10, 2024.&nbsp;
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Crypto Founder Predicts 30% To 40% Bitcoin Price Correction If SEC Approves ETF

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