The prospect of Bitcoin spot ETF approval triggers traders' assessment of possible profit-taking

Bitcoin has experienced a decline and traders are evaluating how the cryptocurrency market may react if regulatory authorities approve the first batch of Bitcoin spot ETFs. Bitcoin has risen 156% this year, partly because investors are betting that ETFs will stimulate new demand for the cryptocurrency. A key question is whether the actual approval of these products will stimulate some profit-taking. In other words, there is still uncertainty about the potential market interest in spot Bitcoin ETFs planned by companies such as BlackRock and Fidelity Investments.