"Spot ETF Approval Fails to Sustain Bitcoin's Momentum as Crypto Market Update Unfolds"

Despite the early success of U.S. listed spot exchange-traded funds (ETFs) for Bitcoin, downside risks remain as prices fell 15% post-listing, with outflows from Grayscale’s Bitcoin Trust contributing to the pressure. ETF volume data from BlackRock, Fidelity, and Bitwise crossed $500 million, indicating demand from regulated funds and professional traders. However, on-chain analysis firm CryptoQuant warns that on-chain metrics and indicators suggest the price correction may not be over, with significant selling by short-term traders and large bitcoin holders. Coinbase, the custodian for several ETF providers, saw record-high OTC desk transfer volumes, but the market sentiment remains cautious as spot sales seem to dampen any strength in an upside.