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 currently navigating through a period of heightened volatility due to the expiration of over $10 billion in Bitcoin and Ethereum options. This event has the potential to cause significant price fluctuations. Additionally, geopolitical tensions, such as the tariffs announced by President Trump, have added to the market's cautious sentiment. Investors are also closely watching the upcoming U.S. labor market data, which could impact Federal Reserve policy decisions and market liquidity, further influencing Bitcoin's price movement.
The 2x Bitcoin Strategy ETF (BITX) experienced a decline, dropping 1.35% to $62.29 as of 5:00 AM on Friday, January 31.