Bitcoin just rallied pretty heavily on the eager anticipation of a ETF which is slated begin trading in about a week.
Is “it” Happening?
I still remember the ETF rumors and CT accounts from back in 2018 shilling its potential in order to save their downward spiraling bags. Most notably, self proclaimed real-estate and financial gurus like Nicholas Merten (aka DataDash). Was quite painful both in terms of the coping and financial side, clearly.
This time is no different and crypto has much more going for it today than back then. An ETF is actually a distraction in my opinion. It’s just what the markets have taken as their rally point for the next leg up.
The ETF itself isn’t even settled in physical BTC, purely futures based.
There’s a cascade of other things that have made anyone who isn’t living under a rock bullish on Bitcoin or at least other crypto assets.
In no particular order:
- Coinbase NFT is coming soon: join the waitlist today for early access
- OpenSea trading volume breaches $3bn for month of August
- DeFi TVL hits a record $157B as Ethereum competitors attract investors
- Beeple sold an NFT for $69 million
- Half of the Fed members now see the central bank hiking rates next year
I could go on even more…
But, you should get the idea.