@JustinBennettFX You are on to something J. Btc prob have 2-3x before peak from here. As long as that train is still available, flows will go there. Alts have a great spring ahead. Btc.d will go up from here. Mho
BREAKING: Securities lawyers tell @FoxBusiness the @SECGov will have to investigate itself for market manipulation after moving the price of $BTC up and down following the hacked tweet that it had approved the first spot BTC ETF and then saying it was fake. That said, for the SEC not to approve tomorrow would be unprecedented; it has never rejected ETF applications that have gone as far as these. Developing
But wait, ARK just dropped their fee to 0.25% in an S-1 filed 20 minutes after BlackRock’s. Told y’all the fee war would break out bf they even launched. And this is w out Vanguard on the mix. Damn.
Re the "but the SEC hasn't voted" and how that's some kind of poss rug pull. Few things, the SEC has never voted on bitcoin ETFs (spot denials or the futures approvals), they were denied or approved via "Delegated Authority" (see below from commish Peirce speech) which would make sense here too since this has been a "10th floor" driven initiative since the Grayscale win. Second, if they did vote they'd have to have publicly scheduled a meeting. Next one is on the 11th but that would be too late for 1/11 launch, so prob not relevant. And if there were a vote, hard to imagine any poss Gary would vote no bc a) there's no basis to deny and b) he is literally the one who directed the Staff to put in thousands of man hours to work w 11 issuers on 5-10 rounds of comments, and most recently telling them they want these lined up for 1/11 launch. All that said, we still won't go to 100% odds until SEC makes it official (just like ESPN won't go to 100% winning chance until game is literally over regardless of score). Sorry this tweet is so long btw! and h/t to my lawyer friends.