I don't think it comes down to ETF. I think it comes down to whether or not there is a major bull run ('moon') in December. If there isn't, then I expect confidence in Bitcoin to reduce dramatically. The price might then reduce to closer to the fundamental value of Bitcoin, which I suspect is a lot less than what it is selling for now.
Yeah right. those who are trying to recover or wanted to lessen their loses are now cashing out, not really sure what would be the next pattern
to follow in order to gain something inside the volatile market like this, if you are a believer then buying is very essential but if you are just
riding with it better to wait for some time.
I'm not sure that anything like all of those who were avoiding losses are cashing out. I think there is a significant population of hodlers, even among those who bought in at a higher value and are currently in the red.