The only thing in the news today is the approval and volumes of the $BTC ETFs and rightfully so. It's actully a monumental turning point for bitcoin itself and proves it to be a very legitimate thing. There's no more denying that bitcoin is here to stay and is something special. I'm sure it killed Gary over at the head of the SEC to have to approve this thing and that's what has me laughing the hardest at the moment. Fighting so hard to trash bitcoin and now it's a spot traded ETF haha.
That being said let's take a look at what's happened in the last 72 hours. It's been a roller coaster of news but to be honest not all that much in terms of price.
1 Speculation that the Spot ETF is going to for sure be approved. We see a massive 3k jump quickly and then stagnates.
2 News comes out via X (twitter) that the ETF is approved quickly boosts and then sells off as another tweet shows that it was sent in error and the SEC account was compromised.
3 ETFs are approved and trading starts across nearly all 11 approved spot $BTC ETFs.
As we can see there's really been no real price move we are right back to were we where on the price speculation that it would be approved.
So what's Next?
Speculation shows us that the ETFs didn't play all that big of a part. However what many are not taking into account is that this ETF approval does two major things over time.
The first it now legitimized bitcoin as a real asset that can no longer be down played, said is a scam etc.
The second is that it opens the possibility of trillions of dollars locked up in retirement accounts such as 401ks to start to tap into this asset that otherwise was locked out of.
This simple fact over time should start increasing the price of $BTC
But there's now also renewed speculation that a Spot $ETH ETF could be on the way. Now that these companies have figured out what's required to get one approved ETH (Ethereum) seems like the next logical step. It could also then spur into other tokens like Litecoin and many others further opening up the entire crypto market to new capital it wasn't able to tap into before.
What token do you think comes next after Ethereum?
Overall it feels like we should be in a continued upward pressure right now. I don't think we will see crazy explosive growth over the next few months but I do suspect would could see 50k - 60k and maybe even upwards of 100k by year end. That would only be roughly a 120% increase and $BTC alone did over 100% in just 12 months last year without a ETF.
Posted Using InLeo Alpha
