I don't like to rush to judgment on these things because the news of Bitcoin ETF is always accompanied by a lot of analysis from people who hear the word for the first time and argue about it without knowledge. Therefore, unless the first US ETF is approved, we cannot say that this is good news, and after that it may Its impact will not be as positive as many expect. Initial indicators will appear in the first quarter of 2024, specifically from January 1 to 3.
Unfortunately, if you listen to the reasons they talk about for offering an ETF, you will find:
“The spot Bitcoin markets (1) have a history of artificially inflated trading volumes due to rampant manipulation and wash trading; (2) are highly concentrated; and (3) rely on a select group of individuals and entities to maintain Bitcoin’s network. These are features of the bitcoin network that make a proposed spot Bitcoin-based ETP extremely vulnerable to manipulation by bad actors, posing unnecessary risks to investors and the public interest. The proposed rule changes offer little to neutralize these threats,” Farnin said.
These things may mean the end of Bitcoin cycles in its current form if ETF approved.