tl;dr
It’s all about ETFs, innit.
Market Snap
Market Wrap
The allocation of a ticker to the proposed iShares Bitcoin Trust (IBTC) sent us to prices for BTC not seen for eighteen months and more than double the crypto winter lows. Remember those? We saw wholescale capitulation at around $16k or even lower. Diamond hands will remain forever grateful to the weak hands for those cheap, cheap, coins.
We will almost certainly find out soon just how much retail and institutional demand there is for a spot BTC ETF. If it is of the order that I believe it will be, we likely will never see a 20-handle again. But there are some who are even more bullish than me, such as EY’s global blockchain leader Paul Brody who believes that “trillions of dollars in institutional money” will flow into spot BTC ETFs:
Dear Lordy, me.
Curious Cryptos’ Commentary – Addiction
I am sure we all know someone who can tick one or two of the boxes below.
But tell me, who has a full house?
Curious Cryptos’ Commentary – SEC vs Grayscale
Having lost its court case against Grayscale, after acting in an “arbitrary and capricious” manner according to the judge, the SEC decided not to appeal the verdict.
The court has now finalised the verdict:
The SEC can still deny Grayscale’s application to turn its trust into an ETF, but it cannot rely on its original reasons for doing so – namely that the futures market is not closely connected enough to the spot market.
Momentum appears unstoppable now.