It’s A #Crypto Bloodbath!!! Post #Bitcoin ETF Dump!!! What’s Going On?

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What’s up you guys it’s Matt here so in the last couple of days we had a a kind of crypto explosion we had some big news where the ETFs were one approved and two open for trading now we’re on the day after and we’re seeing nothing but red

And honestly I thought we would see retracements I didn’t really think that we would see Bitcoin fall like this much but cryptocurrency is not the most stable thing and we can all agree upon that uh cryptocurrency tends to flow um aggressively to the upside or aggressively to the downside whenever it

Is a red day it’s a severely red day if it’s a green day it’s a severely Green Day we really don’t see much in between and so with that being said let’s talk about where Bitcoin is let’s talk about the blood bath that we are seeing going

Through the entire market and also just give my explanation as to kind of why you know we are seeing this so guys hit that like button hit the Subscribe button hit the notification Bell for more of these videos also make sure you check out any of the links that are down

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All that stuff feel free to check out the patreon link down below also if you want to sign up for Marx the link to Marx is in the description you can see that some of the things that were insanely positive are now negative again but some of the things are still

Insanely positive like you still have compound that’s still 125% up um but uh you have other things that are down you know like B&B um this position or even uh avac over here or xrp or whatever right different positions are down but if you want to start trading with margin

Feel free to use that link down in the description Marx is a great platform um I definitely highly recommend it if you are into trading because it’s like no other when it comes to the charts and and um also being able to compound that or add that with leverage trading so

Definitely go ahead and check that out the link is in the description but we’re talking about the market what’s going on with the market right now the market right now is sitting down let’s go ahead and refresh this because I know it’s not here sitting at a$ 1.7 trillion market

Cap this was at a 1.83 or 1.84 trillion market cap it was definitely up there as we saw the Bitcoin ETFs or all the ETFs get approved and uh as we went through trading you know it ended up increasing as well um and now it’s down 4% 4.32% and we’re seeing bitcoin’s dominance

That is also decreasing so majority of the things that are falling hovers around Bitcoin and that and how that is falling but everything else may not be falling as much and we’ll go into that as we go into the lower end and kind of check out the rest of the market but if

You want to understand kind of what was the what’s if you’re new to the crypto market and you’re wondering what is going on right now because it it was up now it’s down and you just got in right so there were we were going through this whole entire time uh months and months

Of discussions and and approvals and and and forms and all that stuff in order to get a Bitcoin spot ETF or multiple ETFs approved now on um the 10th I believe the 10th um I believe that was the day whatever day it was we ended up having a

Deadline that deadline was to um you know get one Bitcoin spot ETF approved however 11 of them were approved on that day making sure that it was open for trading on the next day on the following day which was Thursday right um now after that we had the trading as as that

Trading went on the market skyrocketed things uh went up ridiculous prices um we also saw that go up to uh 50 or close to 50 ,000 and went to $49,000 well right now Bitcoin is standing at a value of 43,6 122 it’s down 6% on the day so

After seeing everybody invest into it including me I invested into fbtc others invested in a black rock or you invested into uh arcb whatever uh Bitcoin ETF you invested in you invested in right um a total of $4.6 billion went into these ETFs uh during that time period during

That first day I don’t know what it looks like today but I’m sure you obviously have more but when you look at Bitcoin itself uh Bitcoin is not really flowing you know the right way obviously it’s down 6% and it’s bringing a lot of other things down with it ethereum on the

Other hand hasn’t really taken too much of a hit it still is up 16% in the last 7even days while you’re seeing Bitcoin that’s actually down in the last seven days after having a Bitcoin or multiple Bitcoin spot ETFs that are approved so what’s going on right is it because that

People are investing into these Bitcoin spot ETFs that they have no need to invest in the Bitcoin no I think there’s always still a need and always still a a reason to invest into Bitcoin itself but it brings traditionalist in the market to kind of buy and hold within those

Positions and honestly if we go over to let’s say Robin Hood and we wanted to look at um you know ibit you’re sort of seeing um this Bitcoin spot ETF that is kind of hovering around the same right if we look at the last day yes and yes it has

Dropped from 29 but it’s still kind of Hing around the same price that it was or sort of close to the same price while it is still falling it is still down 14% over that time period you’re seeing it in line with what bitcoin’s doing it’s

Down 6% overall so it’s not saying that people are holding this as if it is an ETF they are buying it as if it’s just a a stock right not a Buy and Hold scenario a buy see it pump and then get out of that position um so uh if we look

At the crypto market and we look at everything else B&B is down by 2% salana is down by four or 5% down to $95 you’re seeing xrp that’s down by 4% cardano’s down by 4% uh avac 7% 3% 4% uh Tron is up but you’re seeing a lot of things

That are down the market is very very bloody right now compared to where it was a day prior um so things are definitely dumping now what’s my opinion what’s the reason as to why this is dumping um there was there were a few options that we could see as the Bitcoin

Spot ETF was going to be approved and you know traded and the day after the day prior we were going to see a a um buy the rumor sell sell the news Well we saw that it was going in for more of a sell the rumor the news type of event so

It was uh something that was decreasing a buildup to that and then as soon as you have that news it it takes off th though that that news came in a little bit too early and they said that all of them were approved and then lo

And behold all of them were approved now the day before the approval there was a hack or hack and that hack basically said that all of the ETFs were going to be approved and and with that being said that ended up increasing bitcoin’s price to about 48k but then very quickly decreasing that

Price back down if not lower to 43 I believe that took away a lot of the momentum of what the Bitcoin spot ETF approval would have been because even with the approvals as we had the approval and we knew we had the approvals we had to wait until we heard

So many different forms of confirmation before people believed that we even had approvals that’s how aggressive that was that’s how um much distrust people had within you know the the conversations within the the statement of hey this is approved I said it multiple times I went through multiple Avenues and multiple

People multiple businesses um and and even CNBC and they still were like no we need to hear from the uh sec’s mouth that it is approved even though hearing it from the SEC before how they were hacked it still was it was not right right it wasn’t it wasn’t approved at

That time so on this day that it was approved you didn’t really see the hype or push to it and had to wait until we got to the day where it started trading that’s where we saw everything really Skyrocket it increased up to about 48 or 49,000 and then it took away that

Momentum to kind of pass by the 50k Mark and everybody and their mom thought that it was going to decrease at 50k and that’s what it did was resist Ed from 49 50k and now it has dropped down to a a lower level and now we’re waiting for

Any type of newer news that can come on so we’re waiting for something new whether it’s the having or it’s just um a bottom so that we can see this pump again maybe this is a way to liquidate a lot of people honestly I don’t know but

There is definitely a lot of red in the market right now except for ethereum guys hit that like button hit that subscribe button hit that notification Bell for more videos like this one I would like to know what your opinion is down below also if you want

To check out Marx or check out my patreon those links are in the description don’t forget about the um HG access patreon either I mean they you have a lot of different benefits that you can gain with that definitely check that out but I’m going to get out of

Here and I’ll catch you in the next one see you