Bitcoin ETF Approval: Venture Capitalist Warns of Fading Impact, BlackRock Addresses SEC Classification, Grayscale CEO Remains Hopeful

Venture capitalist Chris Burniske warns that the approval of a spot market Bitcoin exchange-traded fund (ETF) could lead to a short-term dip in Bitcoin's price, as holders may take profits. He also suggests that a rejection of the ETF could trigger a sell-off. Burniske believes that the current Bitcoin uptrend may follow a similar pattern to 2019, with a surge followed by a dip in the first quarter of next year. He also notes that it may take some time before blockchain use cases alone can drive a full-blown bull cycle.