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All Eyes on Bitcoin ETFs
The crypto ecosystem has been impatiently waiting for the news that will come from the Security Exchange Commission (SEC) over the approval or rejection of Bitcoin Spot ETFs.
Though there are Bitcoin Future ETFs, the spot ETFs require issuers to buy Bitcoin from the market and secure them in cold wallets. The investors are likely to demand the cold wallet addresses of the issuers to track them.
Even though the ETFs have not been announced, we have watched the advertisements of Bitcoin ETFs and the companies shared their fee schedules even before the SEC takes action to declare them publicly.
The possibility of rejection has never been 0% but, after all the updates done so far, the market buys the fact that the ETFs are slowly but firmly coming. As an inevitable consequence, people go long with risky leverages.
Do you think the market makers let everyone win the battle?
It has never happened in crypto 🙃
When the risk appetite of common trades is extremely high, it is the best time for market makers to make decent gains. When you see that long positions outperform shorts with around 5% in hourly or daily timeframes, it signs that a bloodbath is around the corner! First Liquidations Then Bitcoin ETFs
The bloodbath has been happening over the last 5 days and the tension shows its negative sides directly on our crypto bag. The market never lets investors make big gains while they are carrying low-cost and high leverage positions through historical events.
They can be seen as the official bridge from the crypto ecosystem to the real world with true ownership of Bitcoin (limited to 21M only) and the services by the exchange over a solid product. The debut required meticulous work to convince the regulators, luckily, we are almost done.
Though there were tough times with Gary Gensler, the chair of the SEC, and some times with Fear, Uncertainty and Doubt, we need to note that exchanges has done everything! While another all time high performance of Bitcoin is one of the hottest debates of 2024, they want to make big money 💰
As investors, we need to act wisely in case of a huge risk or potential. Thus, we need to have some experience in the crypto ecosystem to obtain a vision of what might happen on such occasions as the Spot ETFs.
The unwritten rules showed themselves again in the current hype and fear. Crypto investors see Bitcoin as a safe heaven that tries to take positions against unpredictable risks.
The "extra" risk is the last thing crypto enthusiasts take if there is a possibility of regulators' involvement. Thus, the motto shows up itself: alts for good days. Apart from the super hype projects, it is almost impossible for the other altcoins to stay strong against big doubts and crises.
If we assume that the market markers are shaking the weak hand before the announcement, then to what extent can crypto pump with the positive news?
Let's have a look at the Total Market Cap and see the potential.
The RSI has the potential to go, the chart is at a relatively strong resistance but the news has enough power to break it and there is enough liquidity to break it.
There might be a potential to go up around 30% till a strong resistance level. Taking a position is a huge risk. However, it is all about risk / reward for the investors.
Will you be in?
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Nice Daily Leo!
Ugh. That was a good article, but man, I'm so sick of the whole Bitcoin ETF thing. I guess I'm old school and angry that we are getting so excited about Wall Street taking over crypto.
This is a historical moment of crypto mate. The market never lets easy money for people. Time to test our resilience to deserve a better reward.
Peace ✌️
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