Bitcoin maintains a downward trend, the next round of upward movement requires spot ETF progress in January

Bitcoin is experiencing a pullback, and traders are evaluating whether regulatory agencies will approve the first batch of exchange-traded funds (ETFs) that directly invest in Bitcoin. Investors are eagerly anticipating the approval of spot Bitcoin ETFs, but it is still uncertain whether the actual approval will stimulate arbitrage. The founding partner of Castle Island Management LLC predicts that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin ETFs before January 10th. Meanwhile, the rebound of Bitcoin has recovered from the crash in 2022, but it is still below the record set in 2021. Recently, smaller tokens like Avalanche and Solana have experienced larger declines than Bitcoin, while popular token Dogecoin has seen a decrease. The expectation of a decrease in U.S. interest rates has driven Bitcoin's rise this year.