📉 Bitcoin reacted by falling to almost $40k due to FUD around the possible rejection of applications for the Bitcoin ETF. — long positions worth $350 million were liquidated.

1️⃣ Matrixport expects the SEC to deny all issuers the creation of spot Bitcoin ETFs in January 2024.

We could see cascading liquidations if the SEC does not allow the launch of spot Bitcoin ETFs. A likely range of $36,000 - $38,000 per BTC.