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Link between ETF, futures and BTC's record highs
Indeed, the launch of Bitcoin futures on the Chicago Mercantile Exchange (CME) in December 2017 was critical. Because it coincided with the beginning of a crypto bear market, with Bitcoin falling from its all-time high of $20,000 to $3,200 in 2018. More recently, in October 2021, ETF provider ProShares launched the first SEC-approved Bitcoin futures ETF. Within a month, Bitcoin reached an all-time high of around $69,000, but soon entered another bear market.
At the time of writing, Bitcoin (BTC) is trading at $27,065, highlighting the volatile nature of the cryptocurrency market. DonAlt's cautionary words are a reminder that while the crypto market is full of excitement, investors should be careful and not rely solely on ETF approvals as the driving force behind their investments. The crypto world remains as unpredictable as ever and only time will reveal the true trajectory of these recent rallies.
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