CryptoQuant: Bitcoin may experience a pullback after the approval of the spot ETF is finalized

Crypto data service provider CryptoQuant suggests that Bitcoin is expected to pull back to $32,000 after the potential approval of a Bitcoin spot ETF. In its report, CryptoQuant indicates that unrealized profits of Bitcoin traders are currently hovering at levels seen before multiple historical market pullbacks. This is because savvy traders take advantage of overly crowded long trades, trapping those with leverage and forcing them to close or liquidate when prices turn against them.