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Crypto has patiently awaited spot Bitcoin ETFs for the better part of a decade. They were approved and started trading this week! While it feels like there are plenty of reasons to celebrate, BTC has cratered a shocking 12.4% off its ETF debut high. WTF happened to TradFi buying our bags?
The total crypto market cap has plunged since spot BTC ETFs hit the market, with Bitcoin leading the decline as longs have come to the sudden realization that they are offside.
While the newborn spot BTC ETFs have managed to accumulate $1.4B in AUM over the past two days and are living up to analyst expectations, crypto prices have continued to plunge, with market participants that were over-bullish on ETF approval narratives being forced to walk back their bets.
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