Bitcoin Pulls Back to $42K; Venezuela Shutters Petro Crypto Project

It’s unclear how much fresh capital the new spot bitcoin exchange-traded funds (ETF) will attract, but significant funds from other crypto products are expected to pour in, J.P. Morgan said in a Thursday research report. The market reaction to the U.S. Securities and Exchange Commission’s (SEC) reluctant approval of spot bitcoin ETFs has been relatively muted, with the focus now shifting to how much capital these new ETFs will pull in, the report said. “We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval,” analysts led by Nikolaos Panigirtzoglou wrote.