The recent approval of Bitwise's Bitcoin and Ethereum ETF by the SEC has been a pivotal development, signaling increased acceptance of digital assets and potentially attracting more institutional investors. However, the market is also on edge due to the expiration of over $10 billion in Bitcoin and Ethereum options, which could introduce significant volatility. Additionally, geopolitical tensions, such as the tariffs announced by President Trump, and the anticipation of U.S. labor market data are contributing to a cautious market atmosphere. These factors are influencing Bitcoin's price movement, which has seen a slight decline today.
The ProShares Short Bitcoin Strategy ETF (BITI) has experienced a modest increase, rising 0.94% to $21.42 as of 5:00 AM on Friday, January 31.