Me too.
I’m also feeling a little deflated from yesterday’s #Bitcoin price performance.
I too - on some level - was hoping for a straight green candle to God.
It’s natural to feel that way.
However, the sell the news, turned into sell the launch.
There was probably months of built up positions that were built for the sole purpose of selling into the news.
If you bought #Bitcoin on the day BlackRock filed and sold it yesterday, the return was roughly 77%. That’s no joke and professional traders would have known this.
There was only a dribble of the inflows that everyone was talking about on Day 1 and it STILL got the massive volume numbers that all the players were looking for in order to create their Marketing stack.
#Bitcoin was moving, a lot, but not much was actually being BOUGHT from my opinion.
And in addition, we discovered that Vanguard and Merrill wouldn’t even allow their retail to start buying until the big boys let the dust settle.
So of-course, no big green candle.
It’s also why I refrained from making day 1 predictions and rather made a Week 1 prediction.
My week 1 prediction still stands.
$3.5bn of NET inflow.
If that happens then a price of $57k-$62k.
We will evaluate next Thursday.
It’s okay to feel deflated, but let’s not act like the most important liquidity opening and adoption booming event for #Bitcoin did not happen YESTERDAY.
This is a monumental achievement for humanity.
We have finally securitised & made accessible the hardest asset humanity has ever created to the entire financial system.
This is before lending gets activated.
Before derivatives get activated.
Before rates start coming down.
Before liquidity starts even getting injected into these funds.
Sure, no one day green candle.
But did you really truly only want a one night stand?