Bitcoin Slides as Spot ETFs and Tech Stocks Rally
• Spot Bitcoin ETFs continue surging in popularity, reaching multi-week volume highs, providing crypto exposure without direct ownership.
• As ETF volumes rise, crypto prices are sliding, possibly due to investors reallocating funds from crypto to ETFs.
• Tech stocks rallied Wednesday, with Nvidia earnings revealing strong quarterly results, also possibly draining funds from crypto.
• The crypto correction may last a few more days with ETFs and tech stocks remaining hot investment themes.
• Ethereum will likely be the next digital asset to get the spot ETF treatment like Bitcoin, presenting buying opportunities during this slump.