Bitcoin price sells-off after ETF approval

Bitcoin Price Drops 6.8% After Spot ETF Approval

The approval of a spot Bitcoin exchange-traded fund (ETF) had many traders eagerly awaiting its launch on January 11. However, what followed was a surprising drop in Bitcoin price by 6.8% over the course of the next day. This sell-the-news style event confirmed the theory of bears who predicted that the excitement leading up to the ETF approval would be followed by a price correction. The drop in price to $43,180 from its recent high of almost $49,000 can be attributed to the lack of excitement and profit-taking by market makers and large investors.