It all started with news coming from the unreliable garbage news site Cointelegraph:

https://preview.redd.it/kxsj902vlkub1.png?529&format=png&auto=webp&s=ec5ec8d12e9efb8061303807fdd0affed359c744

They proof once again that they should never be taken serious or even deserve any attention to play with a such sensitive topic without proper confirmation.

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Blackrock confirms the news were fake ( source Bloomberg ) :

https://preview.redd.it/kefmazpflkub1.jpg?1170&format=pjpg&auto=webp&s=c19d05afd4036c7d82b7927221518ec20c748068

Right after the news arrived, Boomberg ETF analysts already had their doubt. Massive red flag when people like those that are on a high professional level ask an entity like Cointelegraph for sources...

https://preview.redd.it/2xh5s862okub1.png?576&format=png&auto=webp&s=88ed03338860ee78f5db98e67e07dd467cf84344

Everyone got rekt

https://preview.redd.it/ujd8qocllkub1.png?2499&format=png&auto=webp&s=e65cf202df4e49c9c16475bfb5bead711a7874b3

The chart above shows the minute chart price action on the fake published news. Volume spiked heavily, open interest as well same as liquidations.

https://preview.redd.it/y4gqbhnzlkub1.png?785&format=png&auto=webp&s=5469fc47f8df94cae6807170a3554784e557cd95

Bears & Bulls got liquidated

on the way up over 110 Million shorts got rekt. All ranging from 28k -> 30k.

https://preview.redd.it/nn3tmzd7mkub1.png?2501&format=png&auto=webp&s=cf20ffcbbb1766ce07ed55a560f1693221dcfa05

Right after, all positions on the way up also got rekt due overleveraged gamblers betting on a further rise. A quick -30 Million were also completely rekt all the way back down.

1.2 Billion open interest got wiped out

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https://preview.redd.it/45shne43nkub1.png?2495&format=png&auto=webp&s=4b68bc8dd017f2a97aeb545b2453847cb0891317

This metric is even crazier because this also shows all the positions in general that were opened around that time but also closed. It looks like a huge amount of longs took profit all the way back down while others caught a falling knife.

Generally speaking, I wouldn't personally pay much attention to unreliable sources confirming ETF only from a single entity. Usually, if one ETF gets approved, they all get approved. This is mostly for fairness reasons and the SEC not getting in trouble for favoritism as they declined / delay all of them so far for general reasons and not specific once.

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While this might be disappointing for most keep in mind that this doesn't change the fact that the chances for an ETF approval are still very high. Analysts currently give it a 90%+ chance to happen, some even say it has high chances to happen this year.