Key Takeaways
Bitcoin traders are cautious ahead of the potential approval of the first Bitcoin ETF in the United States, despite impressive year-to-date growth;
Bitcoin’s Estimated Leverage Ratio (ELR) nearing historic lows suggests reduced market leverage and a cautious approach by futures traders;
Market sentiment has shifted from excitement to cautious anticipation regarding the ETF approval, with some traders uncertain about its likelihood while key figures like Michael Saylor see it as a pivotal Wall Street development.