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The waiting game continues for a bitcoin ETF and it appears as though some bulls are losing patience, or taking profits. Bitcoin is down 3.7% today, or $1348 to $35,040 in the second day of selling.

There have been several false reports of bitcoin ETFs and an approval appears to be only a matter of time.

What’s driving the move today? Market participants may be cycling money into equities instead as the Nasdaq surges 2.3% and NVDA gains for the tenth consecutive day.

To be sure, bitcoin has plenty of altitude to give back before any real red flags as it only retreats to last week’s levels.

Bitcoin daily

It’s a strange move for bitcoin to be doing so poor as it’s usually highly correlated with the Nasdaq. That’s a divergence worth watching and there could be stops on a break of $35,000.

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