QCP Capital wrote in a report that it is expected that the Bitcoin spot ETF approved in January next year will initially face weak demand, which may cause people to "sell on the news," leading to short-term fluctuations in Bitcoin and shifting the focus to Ethereum. Square.
QCP Capital wrote: “Actual demand for the Bitcoin spot ETF may initially be lower than market expectations. Upside resistance for Bitcoin price is expected to be located in the $45,000 to $48,500 area, with a possible retracement to the $36,000 level before the uptrend resumes. .Ethereum is seen as a potential secondary investment option, with the market expected to shift away from Bitcoin towards Ethereum, and speculative interest in the upcoming Ethereum spot ETF could drive up Ethereum prices even before the ETF actually launches ." (CoinDesk)