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The approval of a spot Bitcoin ETF is eagerly awaited by the market as it is expected to have a significant impact on prices. Traditional financial market players, known as TradFi, have taken notice of this potential catalyst and may have played a role in the recent Bitcoin rally. An analysis by Joshua Lim highlights the strategies and market movements leading up to the anticipated ETF. Lim points out the extraordinary volatility in the CME futures market during the November to December roll window, which presented lucrative trading opportunities. He also emphasizes the growing involvement of TradFi in the crypto domain, with asset managers increasing their positions in Bitcoin. Lim further examines the dynamics of the rolling CME futures ETF and the preference for futures as a cash-settled product. He connects the collapse of the December premium to a cash crunch during Thanksgiving week and repositioning by Bitcoin-native crossover players. The analysis suggests that TradFi players may be considering exit strategies around the ETF announcement, while retail investors are expected to enter the market. However, there are differing opinions on whether the ETF approval will be a “sell the news” event. Some believe that a spot Bitcoin ETF will fundamentally change access to Bitcoin and have a positive impact on prices. At the time of writing, Bitcoin is trading at $37,293.