The recent approval of Bitwise's Bitcoin and Ethereum ETF by the SEC has been a notable development, signaling increased acceptance of digital assets and potentially attracting more institutional investors. However, the market is currently navigating a complex landscape, with the expiration of over $10 billion in Bitcoin and Ethereum options contributing to potential volatility. Additionally, geopolitical tensions, such as the tariffs announced by President Trump, have added to the cautious sentiment among investors. The anticipation of upcoming U.S. labor market data is also influencing market dynamics, as it could impact Federal Reserve policy decisions and market liquidity.
The Proshares Ultra Bitcoin ETF (BITU) experienced a decline, falling 1.56% to $59.81 at 5:00 AM on Friday, January 31.