Grayscale just won their case against a floundering SEC.
Some people are excited.
Should they be?
We’ll be quick this week, even though the video below is just under 5 minutes, and I think, despite our differences in opinion at times (She’s never not hyper-bullish, and this gets people super rekt in bear markets, which are inevitable), Heidi does a great job breaking it all down.
Check it out, and I’ll provide a bit of commentary underneath.
- Almost no hope of winning an appeal — mostly true
- No time limit — true. Some people on Twitter saying how it’s going to happen in a few weeks. Color me very skeptical.
- YES, Blackrock can and will delay this.
- And YES, Blackrock drives this entire bus, not the SEC. It will be ready when BlackRock says it’s ready. You may see other smaller issuers get theirs passed just to keep the scent off the trail.
- “If SBF was capable of paying off 1/3 of congress, what do you think BlackRock is able to do?” Bingo.
- “Fire Gary Gensler” is tending on Twitter again! So is “Shiba Inu” and “JIKOOK”. Meaningless.
We saw the price of BTC shoot up over 7% this week on the news, but as I’m about to post this on Thursday Afternoon, BTC is officially up 0.8% in the last 7 days.
Market went up, then right back down. Why?
My best guess is when the very first news of a Bitcoin Spot ETF was out, you had actual investors piling in. If they believed, they came in.
Which means they’re already here. There’s no new money coming in on news like this.
Any supplemental news thereafter is only going to bring in (fill in the blank) ______________?
Traders
And most traders get in , make their money, and then take profit and leave.
So this is what we saw.
Conclusion
Make no mistake however, all of this is bullish long term for BTC, as it has been.
And price didn’t take off and run away from us.
It’s a gift. Take advantage.
— VP