If the fund was aiming to increase its Bitcoin exposure, there would be more “evidence of direct exposure initiatives,” according to an analyst.
The market will have to absorb between $4-$6 billion worth of bitcoin selling pressure throughout the summer months, weighing on prices, K33 Research said.
Bitcoin cratered almost 10% below $41,000 early Wednesday around the time Matrixport's report about warning of a spot BTC ETF decline, but it was more likely due to a leverage flush as the market overheated, a K33 analyst said in an interview.