The push to launch a bitcoin ETF has stalled since the SEC rejected VanEck, SolidX, and Cboe's proposed rule changes. But the recent bull run has added impetus to this effort, which could once again create some volatility for investors.
The increase in volatility will likely benefit investors who want to trade bitcoin but don't necessarily buy it. The bitcoin price has been increasing steadily since April and is up about 5% on Monday. The rally left many market participants wondering if the price will continue to rise or if a correction is imminent.
The last time there was a significant spike in volatility was when the SEC refused to approve three bitcoin-based exchange-traded funds (ETFs) in July 2018. Bitcoin fell more than 45% over the following month before recovering. mild recovery over the next few months.
This volatility hasn't stopped a group of hedge funds led by Dan Morehead from launching their own strategy involving shorting bitcoin until it hits $3,500 each, in which case they would Start buying at $3,500 each and selling short until it drops below $3,500.
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