🥂 It’s here

GM everyone. This is 2036. We scroll for gems all day so you don’t have to.

Here’s what we’re serving up today 🍲: Yesterday, the Bitcoin ETFs were approved. What happened to crypto - and will this be a sell-the-news event?

Let’s dig in.

It happened. Yesterday, at market close, all the Bitcoin ETFs were approved.

The marketing frenzy has now begun:

• Van Eck is trying to convince you they’re OGs

• Bitwise wants you to know they’re generous

• Franklin Templeton - with $1.5 TRILLION in assets under management - are identifying as Bitcoin maximalists.

You love to see it.

So here are a couple of observations:

1/ The ETF approval was largely a non-event for the price of Bitcoin 😐. It hasn’t moved very much at all.

This could:

• change if we see strong inflows from ETFs, or

• signal a local top, in which case we go sideways or down from here for a while.

No one knows, and we won’t try to guess it.

2/ ETH, on the other side, is seeing its time in the sun 🌞.

The ETH ecosystem plays we mentioned last week are ripping.

$ARB, $OP, and $LDO are up +36%, +27%, and +34% in the last 48 hours. Even $ETHE traded up +13% yesterday.

3/ The ETFs will start trading today 👀

Blackrock alone says they have $2 billion ready to invest into their ETF. But that doesn’t guarantee these are new inflows. Some of it could be money sitting in GBTC that’ll be sold to buy their own ETF.

Speaking of GBTC, its discount will close today. Yesterday, it was still trading at a -6.5% discount to the value of its underlying bitcoin. If you own GBTC, congratulations.

4/ A lot of investors bet on the Bitcoin ETF approval ✅ And many of these will now turn to the Ether ETF planned for May.

This means -

• Liquidity could flow out of Bitcoin and into ETH or

• The inflows from the ETFs could be enough to catapult Bitcoin higher despite selling pressure in favor of ETH.

No one knows.

From here, it’s all guesses and predictions.

You don’t have anything to do, however. The next few weeks will give us many more opportunities as we get more clarity on the demand for the Bitcoin ETF.

So sit tight. You made it this far in crypto - and we’re just getting started.

🍾

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1/ Bitcoin ETFs: what to expect on Day 1

2/ Hal Finney’s Tweet: why today is such a special day in crypto

3/ Elon Musk discusses using Bitcoin on Mars