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mentos said:
Finally ETH moved a little.
Click to expand...
Hopefully today is the day it gets approved…

BUT, if it gets rejected/delayed and the price dumps, I’ve got funds ready to buy more.

So either way I’m covered.
 
nimbus said:
www.nytimes.com

Regulators Approve New Type of Bitcoin Fund, in Boon for Crypto Industry (Published 2024)

The Securities and Exchange Commission authorized financial firms to offer a Bitcoin investment product that some hope will accelerate adoption of the technology.
www.nytimes.com www.nytimes.com

u.today

Breaking: SEC Officially Approves Spot Bitcoin ETFs, BTC Price Unfazed

The U.S. Securities and Exchange Commission has officially approved several Spot Bitcoin ETFs
u.today u.today
Click to expand...

Probably nothing……..
 
Is there going to be an ETF for every coin? Doge spot ETF next?
 
mentos said:
Is there going to be an ETF for every coin? Doge spot ETF next?
Click to expand...
Probably ETH… maybe SOL after that? Beyond that, I doubt it. It took YEARS and several attempts to finally get BTC spot ETFs, so don’t expect others to come quickly. I also don’t see a coin like DOGE getting the backing of Blackrock, Fidelity, etc.
 
So does anyone here plan on buying the BTC and ETH ETFs?
 
Everyone on this SDN forum (even the haters who slung arrows my way for 3 years, that have curiously disappeared) will have capital allocated to digital assets. From BTC and ETH to doge and Bonk. This is the digital revolution.

We’re entering the era where value (in the form Internet based coins) will be transferred over the internet. The adoption scale is about to go parabolic. That doesn’t mean price only goes straight up, but comfort and familiarity (starting with ETFs) will lead to adoption on a grander scale.

Enjoy the ride. I think it’s gonna be wilder than the internet adoption, because money is the natural human motivator. Fun times ahead.
 
Stocks just hit rug pulled this morning. Usually crypto follows stocks when they drop but coins are still holding strong.
 
Good luck to all of you - hope you ride the wave, sell high, buy the dips. Seems likely there'll be plenty of new dumb money playing FOMO games.

As a "currency" I'm still a "hater", for all the reasons I've laid out in detail before, and I don't have the financial need or desire to speculate with it, ETF or no ETF. But again, I hope those of you who do play, win.
 
The "Rich Dad" has spoken

RDT_20240111_1112202851050019288153043.png
 
IBIT is currently down 12% from this morning's high. I thought it was supposed to track the performance of BTC? This must scare new investors.

It was $30 this morning and now it's under $27 already, wtf?
 
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sevo00 said:
Yes in my IRA
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Which one are you buying? I didn't realize there were so many. Ishares has IBIT, Fidelity has FBTC, Cathie Wood has ARKA etc. Why are they all down by a different percentage from this morning's high?
 
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mentos said:
Which one are you buying? I didn't realize there were so many. Ishares has IBIT, Fidelity has FBTC, Cathie Wood has ARKA etc. Why are they all down by a different percentage from this morning's high?
Click to expand...
Relax bro, it’s literally been ONE freaking day 😂
 
Z-Qualizer said:
Relax bro, it’s literally been ONE freaking day 😂
Click to expand...

IBIT was $30 this morning and closed at 26.63, wtf? That's a 12%+ drop. BTC did not drop close to that much. Why would anyone want to buy this thing?
 
mentos said:
IBIT was $30 this morning and closed at 26.63, wtf? That's a 12%+ drop. BTC did not drop close to that much. Why would anyone want to buy this thing?
Click to expand...
Yeah you’re right… after one day, it’s obvious - this whole spot Bitcoin ETF thing is a total failure!!

At this rate, they’ll all be trading at ZERO by the end of the month!!

😂
 
So correct me if I'm wrong, but these ETFs aren't spot funds actally buying bitcoin, correct?

They hold futures contracts and funds of this type (like a lot of gold ETFs) typically never actually exercise those contracts to take delivery of the asset, but rather tend to roll them over into the next period. So I'm not sure I'd expect there to be tight correlation between pricing of ETF and actual bitcoin, or even much money moving in the actual bitcoin space.
 
sevo00 said:
Relax man lol. 30% dips are even common during crypto bull markets.
Click to expand...

I understand 30% dips are common, but I thought these spot ETFs were supposed to track the price of BTC? I just don't see how this would attract new investors if it's so far off.
 
pgg said:
So correct me if I'm wrong, but these ETFs aren't spot funds actally buying bitcoin, correct?

They hold futures contracts…
Click to expand...

No, you’re wrong. This new batch of 11 funds are indeed spot ETFs (not futures) and the funds are required to be backed by actual bitcoin.
 
pgg said:
So correct me if I'm wrong, but these ETFs aren't spot funds actally buying bitcoin, correct?

They hold futures contracts and funds of this type (like a lot of gold ETFs) typically never actually exercise those contracts to take delivery of the asset, but rather tend to roll them over into the next period. So I'm not sure I'd expect there to be tight correlation between pricing of ETF and actual bitcoin, or even much money moving in the actual bitcoin space.
Click to expand...


Bitcoin futures ETFs have already been around for a couple of years. The newly approved ETFs are indeed spot funds holding actual Bitcoin.
 
pgg said:
Where/how will the funds buy the bitcoin? On an exchange like coinbase? Will they keep the coins on the exchange or put them in their own wallets?
Click to expand...
Yes, I believe the majority of applicants (if not all) identified coinbase as their custodian?
 
Per the filing documents the approved spots can settle at T+1. Coinbase volume is easily trackable and did an extra few B in volume since the approval.
 
Well that pump didn't last long. Hope something happens after the halving.
 
Yesterday I enjoyed the pump, and admired the value of my crypto account.

Today I took advantage of the dump, and bought more BTC.

I’m in this for the long haul - bring on the halving!!
 
https://x.com/ericbalchunas/status/1747956852619366616

LATEST: Day Four was a good one, the ROLLING NET FLOWS grew to +$1.2b after the Newborn Nine pulled in $914b on Wed, by far their best day yet, overwhelming the $450 out of $GBTC. The 'Nine' have now taken in $3b and traded $5.4b in first four days (abnormally high #s). $IBIT is now over $1b, $FBTC close behind & $BITB firmly in 3rd place now. Five of them are over $100m.



Institutional money is sucking up a lot of BTC that’s on the market. At some point, the price will explode as they will pay whatever the price is, since their pockets are much deeper than ours. Crypto as final settlement on the internet is the breakthrough.

It’s a global macro asset now, but what happens next when it’s the only option for value transfer for goods in services in emerging markets that are going through increased inflation as the local currency can’t keep up the USD?
 
https://watcher.guru/news/bitcoin-becomes-2nd-largest-etf-commodity-in-the-us-passes-silver

Bitcoin Becomes 2nd Largest ETF Commodity in the US, Passes Silver

Bitcoin has surpassed silver to become the second-largest ETF commodity in the US. Since its landmark approval by the SEC earlier this month, Spot BTC ETFs have been all the rage in the investment community. It’s only been a week, but now the asset is the second-largest ETF commodity in terms of assets under management (AUM).

“Bitcoin ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received,” Bitfinex Head of Derivatives Jag Kooner told The Block. The increase in demand has led to a surge in BTC ETFs. Furthermore, Spot BTC ETF Funds now hold approximately 647,651 BTC, which amounts to $27.5 billion in AUM, according to CC15Capital.

Gold remains the top ETF asset in terms of AUM, with a combined AUM of $96.3 billion, across 19 ETFs. Grayscale’s GBTC trust converting to an ETF was a major factor in this swing. According to Jag Kooner, “Grayscale’s conversion of its existing bitcoin trust into an ETF created the world’s largest bitcoin ETF overnight.”

The cumulative trading volume for all Spot Bitcoin ETFs has exceeded $12 billion. This indicates growing interest from investors in BTC each day. Each ETF issuer has created competition with their varying fees and discounts. This in turn further generates interest in the ETFs, with multiple competing firms creating better deals to one-up others.

“While some in the investment community still view cryptocurrencies as risky, the growth of these ETFs could pave the way for more innovative crypto ETFs and new underlying assets such as ether,” Kooner adds. The hype around BTC and the new Spot ETF hasn’t dwindled, and may not for some time. The Bitcoin ETF may inspire investors to take a closer look at cryptocurrency and other projects, such as Ethereum and Ripple XRP, that may establish their ETFs in the future.

Much more flows faster into the BTC ETF than I thought would enter this fast. Still early……
 
BTC still dipping. Is this the "sell the news" part?
 
Direct Laryngoscopy said:
I think accumulation in a bull market, but let’s see how the economy is doing March or April.
Click to expand...

Better believe blackrock and the big players will do what they can do to get the price down in the low 30s and buy a ton and then slowly offload them when the price rises later. Kinda how they got a bunch of orders at the 45-49k level then magically within 24-48 hrs price was 42-43k so they basically made a lot of profit just by waiting to actually buy the btc themselves. I think they know the ins and outs too well.

I remain cautious what this cycle will do. I can see us barely breaking a new ATH like 70-72k and then crashing hard (sub 20k) and not breaking 100k till maybe the next cycle. Everyone talks as if 100k is a done deal and 150-200 is very possible. I will be shocked if we touch 100k this bull run.
 
finalpsychyear said:
Better believe blackrock and the big players will do what they can do to get the price down in the low 30s and buy a ton and then slowly offload them when the price rises later. Kinda how they got a bunch of orders at the 45-49k level then magically within 24-48 hrs price was 42-43k so they basically made a lot of profit just by waiting to actually buy the btc themselves. I think they know the ins and outs too well.

I remain cautious what this cycle will do. I can see us barely breaking a new ATH like 70-72k and then crashing hard (sub 20k) and not breaking 100k till maybe the next cycle. Everyone talks as if 100k is a done deal and 150-200 is very possible. I will be shocked if we touch 100k this bull run.
Click to expand...

If ETH hits 5-6k I'm out.
 
mentos said:
BTC still dipping. Is this the "sell the news" part?
Click to expand...
That’s part of it, plus there’s currently an exodus of people leaving the high-fee GBTC. Assuming many of those people will “buy back in” in a different vehicle, as that happens, the BTC price should go back up.

And not to be a broken record but… we are only a few short months from the halving!!
 
mentos said:
Why is crypto dropping?
Click to expand...
Holders of GBTC are *still* selling/dumping their shares onto the market.

For example: apparently FTX (which I didn’t know was still a thing) sold almost $1 BILLION worth of GBTC today.

Halving in approximately 3 months… price should be looking good in about 6.
 
Z-Qualizer said:
Holders of GBTC are *still* selling/dumping their shares onto the market.

For example: apparently FTX (which I didn’t know was still a thing) sold almost $1 BILLION worth of GBTC today.

Halving in approximately 3 months… price should be looking good in about 6.
Click to expand...

I didn't realize selling GBTC would cause BTC to drop.
 
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