The Optimal Setup for a Bitcoin ETF: A Game-Changer for Investors

In a surprising move, Blackrock, one of the largest asset management investment companies globally, submitted an application for a Bitcoin ETF to the SEC last Thursday. What's intriguing is that Blackrock intends to partner with Coinbase as the custodian, despite Coinbase currently battling with the SEC. Nevertheless, let's delve into why this development could have a significant impact.

To provide some context, it's crucial to note that all previous Bitcoin ETF applications have been rejected, including the recent one from Grayscale Investment LLC. However, this filing from Blackrock distinguishes itself due to the company's colossal presence in the financial world. If anyone possesses the influence to secure an ETF approval from the SEC, it's Blackrock (or Vanguard). Their deep understanding of investment trends and regulatory dynamics sets them apart.

If the Bitcoin ETF is approved, it will grant millions of investors convenient access to trade BTC. This accessibility would enable them to invest funds from traditional vehicles like IRAs or 401Ks, potentially leveraging the benefits of tax-advantaged accounts while trading Bitcoin. Such a breakthrough would bridge a crucial gap and be a remarkable victory for everyday individuals. While there are other reasons why this development is momentous, let's focus on another crucial aspect.

Why now? And why is the setup perfect? Bitcoin has proven its resilience over the years, and it's high time it entered the major league. As the saying goes, "First they ignore you, then they laugh at you, then they fight you, and then you win." Bitcoin recently experienced a pullback from its all-time high but has since found support levels without making a substantial push towards new highs. Observing the Bitcoin dominance chart, some have even drawn parallels to the Wyckoff accumulation chart, suggesting that we are in the accumulation phase before a significant surge.

The reality of this Wyckoff accumulation pattern showing up in the dominance chart and not BTC price chart suggests that Crypto Market cap is consolidating back into Bitcoin rather than a traditional accumulation. But still interesting to note.

Additionally, we are now less than a year away from the next BTC halving, which historically has sparked massive crypto rallies. BTC halving’s are arguably the most influential or critical times in crypto.

In conclusion, Blackrock's Bitcoin ETF application marks a potentially groundbreaking development for investors. If approved, it would provide unprecedented accessibility to BTC trading for millions and offer the opportunity to invest through traditional avenues. With Bitcoin's past performance, current price dynamics, and the upcoming halving, this setup appears ideal for a new phase of growth in the cryptocurrency market. These Big Chip legacy cryptos are the ones that I believe are going to shine the brightest as they start to live up their expectation as a storage of wealth.

While the thought of price action increases due to the ETF obviously makes me happy.. I must admit my concern over BTC potentially being hijacked by institutions. I worry that it will no longer be the “currency of the People” by becoming so unobtainable or a banker coin thats seen as the enemy.

(look out for the LTC article coming soon where ill discuss why I think it will be one of the biggest winners in the next rally)

Till next time my friends, Later
-Dest