Spot Bitcoin ETFs “mostly priced in” amid lackluster response to fake approvals, analysts say
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QCP Capital said this tepid reaction to the fake spot Bitcoin ETF approval suggested the event may have been priced in, highlighting Ethereum as a “laggard.”
exist telegram post On January 10, analysts at Singapore-based QCP Capital stated that the spot Bitcoin ETF recently posted on the U.S. Securities and Exchange Commission’s “Much of it has been priced in.”
Analysts at QCP Capital note that amid uncertainty, attention has been paid to Ethereum (ETH), which briefly fell below its June 22 low before rebounding above $0.051, given the performance of the ETH/BTC cross. Force is now turning to Ethereum (ETH) as a potential laggard. Support, support this view.
“Option volatility has also increased now due to the ETF news event and we expect options volatility to move lower and normalize once the ETF is approved. We see support at 40 – 42k and resistance at 48.5k.”
Chip Capital
QCP Capital recommends a strategy of selling spot futures basis, which can yield a risk-free annual return of 12-17% if held to maturity. The analysts added that options volatility is currently elevated due to ETF news events and is expected to normalize once uncertainty over ETF approval is resolved.
Additionally, QCP Capital did not rule out that BTC could fall below the $38,000 mark, stating that this level is considered “suitable for long positions” given expectations of the Bitcoin halving in April.
Meanwhile, legal representatives from the U.S. Securities and Exchange Commission (SEC) urged an investigation into potential market manipulation. In addition, U.S. lawyers and senators have also called on the SEC to investigate due to false data. In particular, Senator Cynthia Lummis asked the SEC to provide transparency into the events that led to X’s now-deleted post.
According to social network official statement, the SEC’s X account was compromised “not due to a breach of X’s system, but rather due to an unidentified individual gaining control of a phone number associated with the regulator through a third party.” At press time, Bitcoin was trading at $45,668, according to CoinGecko data.
