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Is anyone taking a stance on Bitcoin in light of the imminent ETF approval?
It is approved. @Big Mike it would be cool if you could get an expert hold a short webinat and explain what's the implication and what is his prediction in what's ahead.
I've been holding BTC for a long while (years) but more Ethereum. I had most of my crypto at FTX unfortunately. Haven't done anything since then.
I had a big bet on Tezos and it held up a large portion of the portfolio preventing me from making decent returns. I dumped it one day a couple years ago and never looked back.
I've swing traded many pairs that I had no interest in holding, just trading volatility. So my gut is this move is bullish but not a reason alone to buy in.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
My theory on Bitcoin is that it's a very asymmetrical bet. Yes it could easily go to $0 but it could also go to $(pick any number you want).
I also think that as Bitcoin (or Crypto in general) becomes a recognized asset class then the amount of money that could flow into the space will be more than the space can handle and hence prices will go higher. I believe this ETF is just the next step in this happening. Bitcoin being the 800lb Gorilla in the crypto space will benefit the most from this.
Note, there's no underlying fundamental analysis here, I'm not saying I think Bitcoin has value, or helps resolve any world problems, just that the potential supply demand profile is such that anything is possible.
The bearish case (other than the simple "buy the rumor sell the fact") is that Grayscale/GBTC allegedly holds over 619,000 BTC which because of the way the Grayscale Trust works has been locked up. Now that Grayscale has converted to an ETF this Bitcoin becomes unlocked and could potentially be liquidated into the market.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,207
Obviously 12 hours is nothing, but yesterday afternoon low (Coinbase) was $44813, the overnight high was $49102 and current price (1233pm ET) is $46020. Nice $7371 18 hour range!
I've been playing the Bitcoin ETF's in Canada for a while. Gaps are the big concern as Bitcoin trades 24 hours and the ETF takes the night off. Bitcoin can move 5% or more overnight.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
