As reported last week, the US Securities and Exchange Commission (SEC) asked all ETF applicants to submit their final revisions. And apparently, every single issuer did. January 10th may be the day the securities regulator finally accepts the applications from thirteen investment firms for the spot Bitcoin ETF.
Right now, applicants are taking this spot Bitcoin ETF very seriously on proving their name, as they are working their way to promote their product through competitive fees and advertisements.
But the eternal question on every crypto trader/investor’s mind is, what should you expect in the coming weeks, months, or years, assuming it will finally be approved?
Crypto And The Legacy System Combined
Many believe we need to have an alternative ecosystem: monetarily, financially and societally, in order to circumvent and go around the mainstream. And the only way that exists, at least from what I can tell, is Bitcoin — the original and the decentralized currency, and the hedge against the current global financial system.
However, we are now seeing a convergence of Legacy and the Decentralized system. The Bitcoin ETFs, if approved, would be a merger between Legacy and crypto — everyone is talking about Bitcoin going into the Legacy system, and now we are talking about things like commodities, equities (stocks), real world assets (RWAs) and other items going into the decentralized system.
This is going to be the talk of the town for the next couple of decades because we are fully revolutionizing and evolving the way money and ownership works. We are currently living in highly digital lives, and of course we are going to start bringing in real estate, deeds and all the rest online as well.
Read: Banking and Web3: How Banks Can Attract Digital Natives and Harness the Power of NFTs
You Are Going To See “Darth Maul” Candlesticks In The Next Couple Of Weeks
In the next couple of weeks, you are probably gonna see Bitcoin and other altcoins which they call “Darth Maul” wicks. In other words, the market will be very volatile, opening in the middle, then wicking above and below before the candle closes.
After you have these dramatic spikes in both directions, it is going to retest each spike — up and down. You are going to see volatility in crypto that is unprecedented.
Now, if you are a day trader, that is great! If you are not, you are going to get caught up in the emotion.
The First Drop
The beginning of the Bitcoin ETF is like the first drop — do you ever see how they cut like a little sliver into a dam and a few drops of water start coming through? Then after an hour or two, the dam bursts open and it is all flooding downstream.
In the first two days, it is probably going to be rather muted — we are going to see the money come in, but it is not going to be overnight. However, what happens over the next five years is going to be unbelievable.
Read: The Industry Is Waiting: Bitcoin Spot ETF Approvals This Week Will Pump The Crypto Markets!
Final Thoughts
I know we have been talking a lot about the Bitcoin ETF and whether it is coming in January 10th or gets denied, and it comes in March instead. None of this fundamentally really matters all that much if we are talking about short-term price action. But we have never seen such financial minutia reported as vigorously as it is being reported about the spot Bitcoin ETF.
We are currently at the precipice right now, wherein we are looking out across the vast plains of an unimaginable bull run of epic proportions, in which generational wealth will be created for tens of thousands of people (if you remember to sell obviously). The big picture here is just the beginning.