This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.Finally.The SEC has endorsed and approved a Bitcoin based ETF. You likely have quite a few questions.- Is this a top signal or catalyst?- Is Bitcoin spot or Ethereum futures next?- Will alts bleed or run over the next couple of weeks?- Does this mean added volatility to spot markets?- Is GBTC converting to an ETF or getting left behind?- Will each coming ETF approval increase Bitcoin’s price?- Is new money now interested or is it overhyped?- Will contango bleed hurt the ETF or is this still a good option?- Why is Valkyries ticker BTFD? Oh, wait… NVMI cannot answer most of these questions, but I made sure to record a podcast yesterday with a guest who can - Gabor Gurbacs from VanEck. You should definitely give that a listen today, we rushed to get it out for the launch.There is so much to consider here that it is hard to know where to start. ProShares is the first ETF up to bat and should be live today, with 2 more approvals (Valkyrie and VanEck) likely launching by the end of the month. We have a brief history of similar events, although none are nearly as meaningful. It is hard to look to history as a guide to answer any of the above questions.When Bitcoin futures contracts went live in 2017, the bull market came to an abrupt end. When Coinbase was listed on the NASDAQ earlier this year, our early 2021 run halted almost instantaneously. Investors have cited these two events as reasons to believe that the ETF arrival will cause Bitcoin to drop.In my opinion, 2 events is not nearly enough to derive any meaningful information for a prediction.In both late 2017 and earlier 2021, retail was experiencing full FOMO, the market was already looking toppy, and these events were an excuse for whales to sell into newcomers. At the moment, new retail is a fraction of what it was when those events occurred.The current launch may be a case where selling the news is a disastrous strategy.I am taking a “wait-and-see” approach. Whatever unfolds over the next couple of weeks, my belief is that this is still just the early days of the current bull market. We all know that retail is the last to act and it feels like retail is barely involved right now. We will have more data soon and will be able to make a more informed guess as to the effects of the ETF.For now, we should enjoy this day - we have waited seemingly forever to see a Bitcoin ETF launch.In This Issue:The Bitcoin ETF Is Here!Bitcoin Thoughts And AnalysisLegacy MarketsStay Consistent With Your ResearchNew York Is Cracking Down On Crypto Lend ProductsNEXO Says NYAG Letter Is A "Mix Up"Interactive Brokers Opens Crypto TradingThe Wolf Of All Streets Podcast Ft. Gabor GurbacsMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #353 - The ETF Is Here!
The Wolf Den #353 - The ETF Is Here!
The Wolf Den #353 - The ETF Is Here!
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.Finally.The SEC has endorsed and approved a Bitcoin based ETF. You likely have quite a few questions.- Is this a top signal or catalyst?- Is Bitcoin spot or Ethereum futures next?- Will alts bleed or run over the next couple of weeks?- Does this mean added volatility to spot markets?- Is GBTC converting to an ETF or getting left behind?- Will each coming ETF approval increase Bitcoin’s price?- Is new money now interested or is it overhyped?- Will contango bleed hurt the ETF or is this still a good option?- Why is Valkyries ticker BTFD? Oh, wait… NVMI cannot answer most of these questions, but I made sure to record a podcast yesterday with a guest who can - Gabor Gurbacs from VanEck. You should definitely give that a listen today, we rushed to get it out for the launch.There is so much to consider here that it is hard to know where to start. ProShares is the first ETF up to bat and should be live today, with 2 more approvals (Valkyrie and VanEck) likely launching by the end of the month. We have a brief history of similar events, although none are nearly as meaningful. It is hard to look to history as a guide to answer any of the above questions.When Bitcoin futures contracts went live in 2017, the bull market came to an abrupt end. When Coinbase was listed on the NASDAQ earlier this year, our early 2021 run halted almost instantaneously. Investors have cited these two events as reasons to believe that the ETF arrival will cause Bitcoin to drop.In my opinion, 2 events is not nearly enough to derive any meaningful information for a prediction.In both late 2017 and earlier 2021, retail was experiencing full FOMO, the market was already looking toppy, and these events were an excuse for whales to sell into newcomers. At the moment, new retail is a fraction of what it was when those events occurred.The current launch may be a case where selling the news is a disastrous strategy.I am taking a “wait-and-see” approach. Whatever unfolds over the next couple of weeks, my belief is that this is still just the early days of the current bull market. We all know that retail is the last to act and it feels like retail is barely involved right now. We will have more data soon and will be able to make a more informed guess as to the effects of the ETF.For now, we should enjoy this day - we have waited seemingly forever to see a Bitcoin ETF launch.In This Issue:The Bitcoin ETF Is Here!Bitcoin Thoughts And AnalysisLegacy MarketsStay Consistent With Your ResearchNew York Is Cracking Down On Crypto Lend ProductsNEXO Says NYAG Letter Is A "Mix Up"Interactive Brokers Opens Crypto TradingThe Wolf Of All Streets Podcast Ft. Gabor GurbacsMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO