Crypto prices have slumped over the past 24 hours, with Bitcoin (BTC) down 3.15% and Ethereum (ETH) slipping 3.89%.
One analyst speculates that this could be due to the market being overexposed to leveraged long positions. Accordingly, it has created a cascading effect, causing the liquidation of several assets.
However, several projects, including the Bitcoin ETF token (BTCETF), appear resilient. In the ongoing presale, it has raised nearly $1 million less than a week after launching.
Market is cooling off; traders are greedy
According to CoinMarketCap’s Crypto Fear and Greed Index, market participants are “greedy.”
This reading implies that investors display little caution or risk management and are bullish.
Whales can take advantage of these conditions to make large opposing trades with minimal price impact. Often, extreme greed precedes a significant selloff.
Furthermore, Bitcoin has resistance at $38K and is changing hands at $36.3K when writing.
Meanwhile, Ethereum rejected $2.08K yesterday, forming a double top, before retracing to around $1.98K when writing.
Analyst Doctor Profit noted the market’s misplaced confidence.
He notes that traders are “longing at resistance.” Then, BTC had retested $38k.
Overall, the market is bullish on the upcoming Bitcoin halving, the possibility of the first spot Bitcoin ETFs being approved, and Blackrock’s new plans for a spot Ethereum ETF.
The SEC delayed the decision on HashDex’s Bitcoin spot ETF application, denting market confidence. This delay means crypto users must wait until January for Bitcoin spot ETF approvals.
This delay and overexposure to leveraged longs have caused Bitcoin, Ethereum, and other crypto to retrace.
However, some cryptocurrencies, such as Dogecoin (DOGE) and Avalanche (AVAX), have been relatively firm. Analysts are also tracking the Bitcoin ETF Token, whose presale is ongoing.
The Bitcoin ETF Token is bullish, nearly $1 million raised in presale
Bitcoin ETF Token combines the excitement of Bitcoin ETF approvals with unique tokenomics and community building.
In their presale, the project has raised almost $1 million.
Several analysts, including Jacob Bury and Crypto Boy, remain bullish on BTCETF.
Bury describes the project as a “Bitcoin alternative,” despite Bitcoin-related assets often outperforming the market leader due to their relatively low market caps.
The project has also received mentions in several crypto news outlets, including crypto.news.
Bitcoin ETF Token allows staking. Moreover, it has integrated a burn mechanism where 5% of BTCETF supply will be destroyed at five key Bitcoin ETF milestones.
BTCETF is deflationary and has a 5% burn tax on all transactions.
For the community, there is a news feed aggregating the latest Bitcoin ETF updates into one dashboard for easy engagement.
Visit the Bitcoin ETF Token presale
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