The new details about ETF that was released today do indicate it'll be approved as well as it's going to become a competition for the companies to capture the more share of market.
BlackRock have about $2B in sidelines on spot that will be used to buy Bitcoin from etf. The first week volume will be whooping $2 billion for one company and so others also have seed capital in millions to inject.
The Bankers Are in Race with each other to capture the Market
All these investment management companies like BlackRock, fidelity, VanEck and others are buying investor. they're running ads/promotions on television, internet and on social media.
All are trying so hard to become the ETF that most people will buy from.
It's like "sell me this pen" against BlackRock vs Fidelity vs others in line and the one who convince investors will eventually start to capture most of bitcoin market and we know BlackRock is big enough to have the most volume of BTC but others are in Queue that will compete with each other by giving fair value or incentives to choose.
I already see this race has already started and grayscale is left way too behind in this competition.
ETFs offers low fee's for bitcoin than Centralized exchanges
All of these ETFs issuer's are offering low fee's to beat the competition other than Grayscale, it's asking for highest fee 1.5% meanwhile BlackRock with only 0.3% fee on Bitcoin.
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Investors will look for reasons to choose these ETF managers, if BlackRock is giving incentives like; your bitcoins are safe with us, you can buy cheaper than on any centralized exchange... than I don't see people going on CEX like binance or coinbase for bitcoin.
These centralized exchange (cex) are the reason plenty of people are scared to come in crypto because what happened to FTX and binance, Coinbase dealing with SEC on court.
So, these bankers are here to stay and will capture most of the market in no time.. they know how to make investors choose them and their approach is working.
What will happen on Approval - Buy the rumors, sell the news?
ETF approval on this Wednesday seems like inevitable the way SEC posted about "not getting FOMO in particular investment" and now Gary Gensler posting thread about crypto is a indication.
I'm not thinking "what will happen to price when BTC ETF will be approved this Wednesday", I don't care if it dumps because it make no sense trying to scalp/day trade BTC and missing out the bull run.
You bought the coins before the ETF approval? Good, leave it till next few months or by the end of year and price will be much higher.
I mean, spot holdings should be kept as untouched and avoid the leverage cuz getting liquidated on such a volatile event is imminent.
Most people are thinking market will dump after ETF approval, it's always opposite.
If people are thinking it'll be sell the news, it comes out as buy the news. I believe we're going higher before and after the listing on approval.
Wrapping Up...
In the end a lot of people who were short today got liquidated by bitcoin making new highs and we're now almost close to hit $50k. Altcoins are also grinding up and the fomo is kicking in.
Almost two days are left to find out sec approved BTC ETF and it would be good if Bitcoin is above 50k at that time.
Hopefully you found this interesting and would love to know what you think about where market is going after approval and the way these ETFs will compete with each others? Do share your thoughts in the comments.
