K33 "Expect massive short-term trader selling if BTC spot ETF approved"

News of the approval of a BTC spot ETF is likely to lead to a selling event, TheBlock reports, citing a K33 research report. "We expect the U.S. Securities and Exchange Commission (SEC) to make a decision on whether to approve a BTC spot ETF between January 8-10," said K33 senior analyst Vetle Lunde. "We expect a sell-off to ensue as many short-term market participants interpret this as a profit-taking event. The subsequent influx of significant funds will offset the selling pressure from short-term traders and drive prices higher." "We still see a 5% chance that the SEC will reject the product."