Some cryptic signs for crypto today
An hour ago, the SEC tweeted this:
The link leads to a newsletter they wrote in June, so it’s not necessarily new, but there is a frenzy waiting for ETF approval right now. The last time they tweeted this was two days before the Bitcoin term mutual fund started trading.
There are around 40 physical ETF futures and deposits in the pipeline and it’s a race to get there first. In Canada earlier this year the first ETF was released and just a day later two more arrived, followed by even more. The former continues to hold all of the volume, so it’s an all-or-nothing proposition, but getting there first means you have to handle a huge poll of capital indefinitely with that soft MER money.
It is clear that the first US ETF approved will be back in futures. Later we will have a physical ETF which will probably prove to be just as popular.
I claimed years ago that a bticoin ETF would be what would propel it much higher, but this is also one of those instances where a “sell the fact” trade is in play. But looking at the chart, I’d be shocked if we didn’t see at least one challenge from the old high of $ 64,000 on the news.
Having said that, I can’t help but laugh at it: