Is Bitcoin Spot ETF Approval Coming Tomorrow?

➡️ Bitcoin has hit a new yearly high of $45,500 and is showing no signs of stopping.

➡️ The reason behind this pump is that the market is anticipating a spot ETF approval by tomorrow.

➡️ So, let's dive deeper into the spot Bitcoin ETF and its effects on the BTC price.

➡️ Recently, Reuters reported that the SEC could notify spot ETF issuers about approval by Wednesday.

➡️ Keep in mind that this can be delayed until Friday, as the SEC usually likes to break news on Friday.

Is A New ATH Coming For Bitcoin?

💠 A lot of people are calling for a new ATH just after approval, stating that the market has not priced in the ETF approval yet.

💠 But if you look at the whale transactions, you will know that they are already preparing for them at the $29k mark.

💠 Big Whales opened a giga-long position at $29K on CME, probably in anticipation of an approval, and since then, #BTC is already up over 55%.

Will It Cause A BTC Crash?

💠 Usually, these events are buy the rumour and sell the news, so expect a correction before the next leg up.

💠 Also, don't try to relate this to CME futures in 2017 and futures ETF approval in 2021, as both of them were not there to create spot demand for BTC.

💠 If you look at the gold chart after the ETF's approval, you probably know what's going to happen over the next 4–5 years.

What happens if the ETF is rejected?

♦️ Although at this point in time, it's almost looking like an ETF is imminent, in the event of a rejection, expect some bloodbath (I'm not hoping for it).

♦️ The move from $25k to $46k has been solely due to spot ETF anticipation, so if that doesn't happen, it will surely lead to some red candles.

When will an AltSeason arrive?

🔶 An #ALTSEASON usually arrives when ETF starts outperforming BTC, and right now it's not happening.

🔶 But if the BTC spot ETF gets approved, the next asset institutions will look at is #Ethereum , and this could start the big run.

#etf