Prominent digital assets investor Crypto Tony recently took to X (formerly known as Twitter) to pose a question to the cryptocurrency community. He inquired about the potential consequences for the Bitcoin market in the event that all pending spot Bitcoin ETF applications were to be rejected.
According to Tony, contemplating such a scenario should serve as a reminder for retail investors to be prepared for any uncertainties that may arise when market makers opt to “inject more liquidity for their own benefit.”
Members of the cryptocurrency community subsequently chimed in to offer their perspectives on Tony’s query. While some expressed confidence in the approval of the spot ETFs and criticized his skepticism, others shared a different outlook. One respondent suggested that it might be too late for the ETF applications to face rejection, anticipating a substantial surge in 2026.
Crypto Simon, another respondent, aligned with Tony’s cautious approach. Simon emphasized the importance of considering all potential outcomes. He believed that if the ETF applications were indeed rejected after much anticipation, the Bitcoin market could witness a significant pullback. He stressed the value of being well-prepared and having a strategic approach to navigating the crypto market under all circumstances.
Notably, Bitcoin achieved a 16-month high last Tuesday when it surpassed the $35,000 milestone. This surge was triggered by false reports of a spot Bitcoin ETF approval. Following an initial spike that breached significant resistance levels, the flagship cryptocurrency recorded a remarkable 30% gain in less than ten days.
Subsequently, Bitcoin entered a consolidation phase after reaching a yearly high of $35,198. Various technical indicators suggested an overbought condition for the leading cryptocurrency. However, despite this slowdown, Bitcoin’s price continued to exhibit bullish momentum, with each daily candle closing higher than its opening price for the past seven days.