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“Despite the initial ETF euphoria vanishing from market sentiment Bitcoin has held up rather well considering the $15,000 in gains that were largely fueled by its implications.

Bitcoin experienced 2 hour-long pumps that were followed by immediate crashes to $45,600 over the past week days. Both occurred following approval of the multiple spot Bitcoin ETFs, with decision deadlines set for January 10th.

With all eyes keenly focused on the U.S. Securities Exchange Commission awaiting on word of many Bitcoins’ spot ETF’s approval, the SEC’s official X (formerly Twitter) account posted that all the ETF’s up for consideration were approved. This news took the price of Bitcoin swiftly higher, gaining 2.37% in the five minutes immediately following the posting.

While almost every outlet covering cryptocurrencies has pointed to a possible “later than expected approval” of a spot Bitcoin ETF as the cause for the flash crash that enveloped the entire crypto sector today, I feel there is more to the story.