#JA_Maartun Are Miners Capitulation? Hash Ribbons Says Yes 🛠
Hash Ribbons operates under the assumption that such circumstances often coincide with significant price lows for BTC, eventually providing an opportune moment to capitalize on price dips.
Typically, this does not happen immediately after the initial capitulation signal from Hash Ribbons, as the process of miner capitulation takes time; rather, it unfolds in the subsequent days and weeks after miners are done selling.
According to SoSoValue, total net inflows into Bitcoin spot ETFs on May 14 were $100.5 million. Grayscale ETF GBTC had a single-day net outflow of $50.9317 million, Ark Invest and 21Shares ETF ARKB had a single-day net inflow of US$133 million, and the total net asset value of the Bitcoin spot ETF was US$50.987 billion.
The first one up with the final deadline is VanEck the 23rd of May. We're assuming either all ETFs get accepted or they don't, similar to how the #Bitcoin ones went.
But technically we could see rejections for the smaller issuers only to decide on the Blackrock & Fidelity ones in August. Doubt that's a likely scenario but it's definitely possible.
Maybe the other issuers can even refile after getting rejected in May to still join the party in August regardless?
That scenario still get all the ETFs through at once + Keep Larry Fink's ETF approval record alive. But only by August.