Buckle up, Bitcoin Getting Ready to Crash

Bitcoin is likely to take a hit as ProShares Short Bitcoin ETF deadline is due on August 23 which just like last time can crash the Bitcoin price and take it below $6k level. Though Bitcoin doesn’t need an ETF to reach great heights as even rebuffed by Andreas Antonopoulos, the market sentiments are expected to be hit negatively, so are you prepared?

Bitcoin ETF deadline here, Bitcoin shouldn’t be affected but likely to crash

Bitcoin took the latest hit at the beginning of this month when the Bitcoin ETF proposed by Winklevoss brothers got rejected the second time. Making a continuous downward movement Bitcoin keep on descending until it reached the $5,980 level.

Now, in the coming two months, about 9 Bitcoin ETFs have their deadlines coming up, keeping the market on their toes. However, right now, the most pressing one is the deadline of ProShares Short Bitcoin ETF that is due on August 23 as the SEC can’t delay it anymore.

Submitted last December, ProShares ETF is backed by bitcoin futures unlike the much anticipated Cboe’s VanEck Bitcoin ETF that will have physical bitcoin holdings. The value of this ETF will be concluded by tracking the futures contracts’ traded on either CME or Cboe.

So, just like the last time, it is likely that Bitcoin price will take a hit this time as well. Though the prices shouldn’t be affected, the chances are the market sentiment will take a negative hit despite experts believing it to be a terrible idea.

Bitcoin doesn’t even need ETFs, but are you prepared?

Bitcoin expert Andreas M. Antonopoulos recently shared his views on the hot “Bitcoin ETF” topic. He stated,

“The idea here is to take a reserve of bitcoins and then make them tradable instruments that can be traded on traditional markets like stocks. This is a custodial reserve system, where the custodian holds the actual bitcoin and what you’re getting is a share in their fund — not bitcoin.”

He further moves onto burst this bubble adding, ”I know a lot of people really want to see an ETF happen because “to the moon and lambos!” But I think it is a terrible idea. I still think it is going to happen, I just think it is a terrible idea. I’m actually against ETFs.I think a Bitcoin ETF is going to be damaging to the ecosystem.”

The consequences of this can also be serious as Antonopoulos warns,

“It’s not going to be the end of Bitcoin, it’s just going to cause manipulation of the prices. It is going to cause manipulation of the debates about scaling decisions, and if there are forks it is going to give these parties a very large determining voice in forks. Eventually, you’re going to see them split off and form their own corporate version of Bitcoin”

A part of the community also feels the same way as people comments with,

“Well once we get the etf nonsense out of the way we can move on to greatness again.”

Bitcoin doesn’t need ETFs to reach great heights, but the chances of this ETF getting rejected are high and market sentiments tilting negatively as well. As shared by popular crypto trader cryptosqueeze:

However, another part surely feels differently and that can affect the prices in the coming two days. So, to be optimistic, if it does, you might want to buy the dip.