[Bitcoin Now] Entering Short-Term Correction... Sideways Movement Around 75 Million Won

BITO also struggles with opening price decline
Possibility of Ethereum futures ETF launch raised

[Image source=AP Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remains in the 75 million KRW range. This is interpreted as a pause after a sharp rise in Bitcoin prices due to the launch of Bitcoin futures exchange-traded funds (ETFs) on the U.S. stock market.

According to the domestic cryptocurrency exchange Upbit, as of 2:56 PM on the 25th, Bitcoin recorded 75.26 million KRW, up 1.03% from the previous day. Earlier that day at 10:01 AM, it reached 75.92 million KRW, nearly touching the 76 million KRW mark.

Bitcoin showed a steep upward trend, rising to 81.75 million KRW on the 20th, but has since paused. This is interpreted as all positive factors related to the Bitcoin futures ETF having been reflected. On the 19th (local time), asset management firm ProShares’ Bitcoin futures ETF, the ‘ProShares Bitcoin Strategy ETF’ (BITO), began trading on the New York Stock Exchange (NYSE). On its first day, BITO’s trading volume reached $980 million (approximately 1.1445 trillion KRW), the second highest ever.

However, BITO is also underperforming. On the 22nd, BITO closed at $39.51, down 3.23% ($1.32) from the previous day. This is even below its opening price of $40.88.

Experts are raising the possibility of a short-term correction. According to cryptocurrency media CoinDesk on the 24th (local time), cryptocurrency trading firm QCP Capital stated, “The short-term downside risk is concerning,” adding, “Currently, leverage levels in the Bitcoin futures market are high, which is a phenomenon that occurs before price declines.”

However, the long-term outlook remains bright. There is also the possibility of an Ethereum futures ETF launch. According to U.S. economic media MarketWatch on the 24th, Carlo Di Florio, former U.S. Securities and Exchange Commission (SEC) official and global services head at investment advisory firm ACA Group, explained, “From the SEC’s perspective, approval of an Ethereum futures ETF would follow a similar process to the launch of the Bitcoin futures ETF,” adding, “It would be included under the same regulations.”

This content was produced with the assistance of AI translation services.