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Weekly Outlook on Bitcoin After SEC’s ETF Approval

After peaking at over $47,000 following the SEC’s ETF approval, Bitcoin (BTC-USD) is having trouble bouncing back. Bitcoin prices rallied from a $25,000 low before October 2023, pricing in the expected SEC decision. Bitcoin’s outlook remains weak as markets adjust for the post-ETF world.

Bitcoin fell by 2.2% in the last five days at lows not seen since last month. This hurts investors who bought the related ETFs on opening day. It also pressured prices of Altcoins, including Ethereum (ETH-USD), Cardano (ADA-USD), Dogecoin (DOGE-USD), and Solana (SOL-USD). Still, the outlook beyond a week is positive. BlackRock (BLK) is a winner after its iShares Bitcoin Trust (IBIT) attracted over $1 billion of inflow in only a week.

Investors have 11 approved BTC ETFs to consider. Fidelity’s Bitcoin ETF (FBTC) attracted $880 million of inflow.

Long-term BTC investors should ignore the short-term noise. The inflow in the related ETFs will increase daily trading volumes for the cryptocurrency market. Conversely, those who initiated a position may have paper losses until the volatility period ends. In the long term, mainstream retail investors and mutual funds will need to consider an allocation in the Bitcoin ETF. This would offer its holders greater diversification beyond gold and fiat currency.

Read more on cryptocurrency news here: - Bitcoin’s Price Falls To $40,000 As Slump Worsens