The BTC spot ETF has finally been approved. Not one, not two, but 11 ETFs were approved yesterday. Here is the list of the approved ETFs:
Blackrock's iShares Bitcoin Trust (IBIT)
ARK 21Shares Bitcoin ETF (ARKB)
WisdomTree Bitcoin Fund (BTCW)
Invesco Galaxy Bitcoin ETF (BTCO)
Bitwise Bitcoin ETF (BITB)
VanEck Bitcoin Trust (HODL)
Franklin Bitcoin ETF (EZBC)
Fidelity Wise Origin Bitcoin Trust (FBTC)
Valkyrie Bitcoin Fund (BRRR)
Grayscale Bitcoin Trust (GBTC)
Hashdex Bitcoin ETF (DEFI)
Now, let's rewind to two days before the approval. An announcement was made on the official Twitter account of the SEC, stating that the ETF had been approved. In the first five minutes, we witnessed a price pump surpassing $48,000. However, 20 minutes later, Gary Gensler, the head of the SEC, posted a tweet claiming that the official SEC account had been hacked, and the announcement was false. This led to further dumping. Despite this, many were confident that the approval would come, and, as expected, an official announcement arrived yesterday on Wednesday, finally putting an end to the drama that had unfolded from summer until now.
https://twitter.com/GaryGensler/status/1744833049064288387
- GaryGensler
But before the conclusion, a new drama and narrative emerged from the shadows. As we all know, the crypto market is currently sentiment-driven. Despite a coin having the best technology, tokenomics, team, and everything else, it can be outperformed by a sentiment-driven coin like Shiba Inu or Dogecoin that can make you rich in an instant. The crypto market's immaturity allows for both profit opportunities and risks. The new narrative that will likely drive the market until the halving is the ETH ETF, hinted at months ago.
False announcement
Real announcement
Of course, this narrative won't materialize immediately. It will take some time; first, big players and winners must secure their profits, and the market must become somewhat dull. Depending on the time needed, the ETH ETF narrative will then take center stage. This will resemble the events of 2021 when the BTC spot ETF was initially rejected. The timeline is uncertain, whether it will happen after the halving or before, as it presents an excellent way to prolong a bull market. This strategy allows big players to secure profits with substantial liquidity, initiating a significant bull market. First, the Bitcoin ETF, then the ETH ETF, followed by the halving, and suddenly, "moonboys" everywhere, with an instant sell-off.
Eth narrative showed it's first moves
