# WillThereBeAHugePullbackPostBTCETFApproval?

#Will there be a huge pullback post BTC ETF approval?
$BTC / $USD - Update
Only a matter of time before $38,000 is hit IMO. Just halted here at the mid range for now

#Will there be a huge pullback post BTC ETF approval?
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#Will there be a huge pullback post BTC ETF approval?
BITCOIN IS HOLDING STRONGLY
ABOVE $40,000 AND RANGING
SIDEWAYS.
AS LONG AS WE STAY ABOVE $40K
WE ARE STILL IN BULLISH STRUCTURE

LOCAL RESISTANCE- $48K
LOCAL SUPPORT- $40K

IN CASE WE GO TO THE LOWER, THE
NEXT SUPPORT AREA IS $38,000.

#Will there be a huge pullback post BTC ETF approval?
Why is Grayscale Dumping BTC ?
 
Before the spot ETF approval, GBTC used to redeem its shares by giving investors USD value, but they never sold the BTC.
 
That's why Grayscale became one of the largest BTC holders, beside Satoshi.
 
Now, with the spot ETF approval, investors are pulling their money out of GBTC for two reasons.
 
➡️ Grayscale is charging a 1.5% yearly management fee, which is 5–6 times higher than other ETF issuers.
 
➡️ A lot of investors bought GBTC at a 40% discount, and now it's at 0%, so they are exiting their positi