Jurrien Timmer, a top executive at Fidelity Investments, shed light on the potential repercussions of the recent approval by the U.S. Securities and Exchange Commission (SEC) for spot Bitcoin ETFs.
The executive underscored the approval’s significance in Bitcoin’s evolution into a mainstream financial asset while cautioning about potential short-term price volatility. He emphasized the need to closely monitor Bitcoin’s adoption curve and the impact of monetary policy on its valuation.
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Following the SEC’s nod for spot Bitcoin ETFs, Bitcoin (BTC) witnessed a substantial decline from its peak of $49,000. According to CoinGecko data, the leading cryptocurrency currently trades at $42,408.
Timmer raised an essential concern about a potential “sell-the-news” reaction in the Bitcoin market, suggesting that the market may require time to consolidate recent gains in the ETF approval.
Supporting his perspective, Timmer referred to open interest (OI) trends and movements in the Goldman Sachs Bitcoin-sensitive equities index. He anticipates a decrease in OI as asset managers shift from futures to spot positions, potentially introducing short-term volatility in Bitcoin prices.
Expressing enthusiasm over the SEC’s decision, Timmer sees it as a catalyst for Bitcoin’s broader acceptance as a commodity currency. However, he cautioned that achieving widespread adoption may be a gradual process.
Apart from this prediction, the current Bitcoin price is $42,376.67, reflecting a 1.60% decline in the last 24 hours.
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