I truly believe that the massive leverage flush last week on the Matrixport report and the fake news of the ETF approval two days ago took the wind out of the sails of the big news event - which is not a bad thing.
Altcoins stole the show, but the show is just beginning. Today should see around 4B in inflows into ETF products, a portion of which will likely need to be purchased on the open market to fill demand. The bulk is already purchased or will be Bitcoiners making a horizontal move into ETFs at the behest of the issuers who they have worked with.
Either way, this party is just getting started, and I anticipate a slow grind up for Bitcoin, with all of the volatility and major dips we have already gotten in the past.
For now, Bitcoin is barely up on the day and has not even made a new yearly high.
Altcoins stole the show, but the show is just beginning. Today should see around 4B in inflows into ETF products, a portion of which will likely need to be purchased on the open market to fill demand. The bulk is already purchased or will be Bitcoiners making a horizontal move into ETFs at the behest of the issuers who they have worked with.
Either way, this party is just getting started, and I anticipate a slow grind up for Bitcoin, with all of the volatility and major dips we have already gotten in the past.
For now, Bitcoin is barely up on the day and has not even made a new yearly high.
scott.melker@texaswestcapital.com