The cryptocurrency market is currently dominated by one big event: Bitcoin (BTC) spot ETFs.
According to analysts, Cointelegraph's Spot ETF fake tweet news on Monday led to a surge in BTC to more than $2000 followed by a reversal, revealing the industry's strong expectation for this event.
However, the Securities and Exchange Commission (SEC) is not expected to approve any application or conversion for a BTC spot ETF this year, according to cryptocurrency analysis firm QCP Capital.
This leaves the larger BTC trend at the mercy of macro headwinds for the remainder of Q4, whether below 25k or above 32k, according to analysts.
The company also stated that risks to stocks and bonds remain to the downside. According to analysts, a sale in both could lead to a major risk-parity disaster. Analysts think that if BTC proves to be a safe haven in this sell-off, it could be the start of a massive multi-month BTC bull market.
QCP Capital is closely following US earnings reports this week and the speech by Federal Reserve Chairman Jerome Powell on Friday. The company is particularly interested in Tesla's earnings and whether they sold their remaining 25% BTC after announcing in their earnings report last year that they had sold 75% of their assets (30,000 Bitcoin).
*This is not investment advice.
