SEC Likely to Approve Several Spot ETFs, Sparking Next Bitcoin Rally: Matrixport

pooya87

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Over the years we've had so many ETF related news (hype) that got shot down by SEC rejecting them that at this point when people hear any news about another ETF proposal they are ignoring it. So I think at this point it is going to be like meh, meh, meh, meh, ... holy shit one got approved and bitcoin is shooting to the moon Cheesy

Jokes aside I still think ETF is terrible for the "decentralized" bitcoin but we also know there are loads of idiots who like to put their money where they can't control. So it looks "lucrative" for them not by nature and consequently it can help the bull run get started.

As for $150k I think it is too much of a lowball, if we start the rally and go beyond the previous ATH and specially if we enter the 6 digits range (ie. going beyond 100k) we can expect a situation similar to the last month of 2017 when price suddenly went from $8k to $20k which is a 150% rise in short time.

jossiel

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Quote from: Franctoshi on August 25, 2023, 05:14:39 PM

Quote from: jossiel on August 25, 2023, 04:43:15 PM

While I am positive that we're going to get into the next rally as the bull run. But I don't want to put my hopes high with those predictions such as $150k.

Not saying that it is not going to happen but as long as we're back to the last ATH then we're all good and that's kind of setting in that we're actually going near to the six digits.

It's only a matter of time to see it happen though.

I do have this feeling that the SEC might not respond quickly on these fillings there may be some further, and I'm even thinking that this Bitcoin's ETF approval may likely coincide with the time of having which, if that happens, It will have a significant impact on the price of Bitcoin and thus be a catalyst for the next bull market we have been yearning for.

I am also thinking that they're going to put it on time where the halving occurs, so that's double force that will surely drive the price of bitcoin higher.

Quote from: serjent05 on August 25, 2023, 05:22:04 PM

It is always best to expect less and be surprised than to expect more and get disappointed. I have this hope that Bitcoin will have at least 2x the current ATH or somewhere near that. I am contented if Bitcoin breaks $100k because it would be another milestone for Bitcoin price history.

I agree, that's the better approach on this matter. Because before I have expected a lot but it had only given me disappointment.

So learning from that is to expect less but always be prepared to whatever is going to happen to Bitcoin.

Quote from: nelson4lov on August 25, 2023, 05:54:00 PM

In the past, I used to think prices like $40K - upwards of $60k were too high and unattainable but that hypothesis has been falsify during the last bull run. I honestly think that we won't be seeing any ETFs approval until the next halving event is imminent. If it goes on to be approved around that time, that price could ve achieved.

ETFs getting approved right now will signal more interest from institutional investors even interests that were withdrawn after the FTX debacle last year.

Yeah, like when the ATH of $20k was reached and it was like impossible to be back there again. But 2021 have proven that sky is the limit and then the bear market arrives again.

There has to be the driving force that will make these institutions go crazy and back to Bitcoin and these are likely the ETFs that has been filed and will be filed.

nelson4lov

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Quote from: jossiel on August 25, 2023, 04:43:15 PM

While I am positive that we're going to get into the next rally as the bull run. But I don't want to put my hopes high with those predictions such as $150k.

Not saying that it is not going to happen but as long as we're back to the last ATH then we're all good and that's kind of setting in that we're actually going near to the six digits.

It's only a matter of time to see it happen though.

In the past, I used to think prices like $40K - upwards of $60k were too high and unattainable but that hypothesis has been falsify during the last bull run. I honestly think that we won't be seeing any ETFs approval until the next halving event is imminent. If it goes on to be approved around that time, that price could ve achieved.

ETFs getting approved right now will signal more interest from institutional investors even interests that were withdrawn after the FTX debacle last year.

serjent05

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I would love to see SEC approve the Spot ETF application to see by myself if the speculation of people that the Bitcoin market will surge if these ETFs got approved.

Quote from: jossiel on August 25, 2023, 04:43:15 PM

While I am positive that we're going to get into the next rally as the bull run. But I don't want to put my hopes high with those predictions such as $150k.

Not saying that it is not going to happen but as long as we're back to the last ATH then we're all good and that's kind of setting in that we're actually going near to the six digits.

It's only a matter of time to see it happen though.

It is always best to expect less and be surprised than to expect more and get disappointed. I have this hope that Bitcoin will have at least 2x the current ATH or somewhere near that. I am contented if Bitcoin breaks $100k because it would be another milestone for Bitcoin price history.

Franctoshi

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Quote from: jossiel on August 25, 2023, 04:43:15 PM

While I am positive that we're going to get into the next rally as the bull run. But I don't want to put my hopes high with those predictions such as $150k.

Not saying that it is not going to happen but as long as we're back to the last ATH then we're all good and that's kind of setting in that we're going near to the six digits.

It's only a matter of time to see it happen though.

I do have this feeling that the SEC might not respond quickly on these fillings there may be some further delays, and I'm even thinking that this Bitcoin's ETF approval may likely coincide with the time of halving which if that happens, It will have a significant impact on the price of Bitcoin and thus be a catalyst for the next bull market we have been yearning for.

jossiel

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While I am positive that we're going to get into the next rally as the bull run. But I don't want to put my hopes high with those predictions such as $150k.

Not saying that it is not going to happen but as long as we're back to the last ATH then we're all good and that's kind of setting in that we're actually going near to the six digits.

It's only a matter of time to see it happen though.

spectre71

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Quote from: ImThour on August 25, 2023, 12:00:15 AM

"Investing in ETFs at the right time might be even more lucrative."

Come on bro, I don't expect this bullshit from a Legendary member. Since when investing in a crap shit became Lucrative? I am sick of all these ETFs posts on this forum.
Can you all just stop and cut the crap? Why not buy the Bitcoin directly from the exchanges or mine it? TF is wrong with people nowadays.

ETFs are by the dumb people with money, for the dumb people with money. Bitcoin isn't. Bitcoin is for the people who know how this technology works and what scarcity is.

ETF and indexes can be handy like SPY, VNQ FXAIX and such for the proper situation.

Some entities cannot directly buy bitcoin but can hold an ETF or indirectly get some exposure through Micro Strategy. Possibly a much easier to sell the board in a corporate setting.

Would I hold a BTC ETF myself no. Maybe in my matching 401k if I could. Much more valuable sitting here in HW wallet.

spectre71

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Gary would need to be replaced first, the big guys in govt don't want bitcoin at all because it's poses a threat.

bittraffic

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Not convinced SEC will ever approve an ETF. It will come at the most unexpected time if it ever will come. Blackrock was denied. Its the biggest among the institutions so why would SEC approve a low-level institution. As of this moment, everyone is expecting it to happen. I don't think the SEC or the government will want everyone to be rich.

But they might just approve a year after halving while everyone expects prices to fall to which every one had taken profit already.

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Quote from: Majestic-milf on August 24, 2023, 05:26:52 PM

So I'm wondering what actually gave Gary the push to give a thought on ETF approval because last time I checked the dude has never approved a spot Bitcoin ETF proposal from any firm in the US

Is it true that the statement was coming from him through their official website or people were just spreading the news around to attract traffic and cause stir, i don't think there's something much we should anticipate in from either of this decision because it make no no difference to me concerning the bitcoin network since bitcoin spot ETF is a centralized bonds some organizations work on to make money using bitcoin price to value their assets to their investors, should we now anticipate for ETF than we should on bitcoin halving.

kryptqnick

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They don't mention the original source of this information. I mean, they mention Matrixport, but not how them got that info and how reliable that info is. I think what's going on is that huge companies like BlackRock which are waiting for their approvals right now do what they can to increase their chances of getting one. Leaking info into the media can be done to aid that goal, so that the SEC feels public pressure to give an approval. I remain sceptical about a potential ETF approval from the SEC, and this article isn't convincing to me. But if the approval actually happens, I do agree it can spark BTC rally.

ImThour

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"Investing in ETFs at the right time might be even more lucrative."

Come on bro, I don't expect this bullshit from a Legendary member. Since when investing in a crap shit became Lucrative? I am sick of all these ETFs posts on this forum.
Can you all just stop and cut the crap? Why not buy the Bitcoin directly from the exchanges or mine it? TF is wrong with people nowadays.

ETFs are by the dumb people with money, for the dumb people with money. Bitcoin isn't. Bitcoin is for the people who know how this technology works and what scarcity is.

adaseb

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Weren’t they suppose to make a decision based on GBTC last week and then it was delayed to this week and then it was delayed daily and pretty much no idea when they will give a concrete response.

Same will happen with the other etfs. They won’t reject them, they will just keep post poning them as long as they can because they don’t want to make any quick decisions.

My guess the etfs will be approved sometime by year end or in 6 months or so. They won’t be approved next month.

AmoreJaz

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Quote from: The Cryptovator on August 24, 2023, 03:56:02 PM

I'm not particularly enthusiastic about the Bitcoin ETF. I haven't noticed any substantial market shifts caused by the ETF itself. The movement seems more like a result of FOMO rather than genuine momentum. I doubt these ETFs will lead to a true bull run; it might just be a bull trap. What we truly need is widespread adoption for a genuine bull market, where people can freely buy Bitcoin without relying on ETF contracts. Despite my reservations, I am intrigued by the idea of ETFs. Why not invest in actual Bitcoin instead of ETF contracts?

if nothing else, if this will give a sudden pump, it is still good if you are holding, right? because you can sell it a good profit. because if you wait too long and such scenario happened, you may regret for not getting more satoshis. either way, it is your choice as you are the one spending on this market.

Majestic-milf

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So I'm wondering what actually gave Gary the push to give a thought on ETF approval because last time I checked the dude has never approved a spot Bitcoin ETF proposal from any firm in the US, could this be the effect of the Jacobi FT Wilshire Bitcoin ETF that was approved by Guernsey Financial Services Commission to have it listed in Euronext Amsterdam that suddenly pushed his hand?
Well, price predictions are not something one should totally rely on because like the name sounds, it's just someone's guess which could be true or not, but let's see what the future holds especially as this approval could coincide with the Bitcoin halving event.

The Cryptovator

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I'm not particularly enthusiastic about the Bitcoin ETF. I haven't noticed any substantial market shifts caused by the ETF itself. The movement seems more like a result of FOMO rather than genuine momentum. I doubt these ETFs will lead to a true bull run; it might just be a bull trap. What we truly need is widespread adoption for a genuine bull market, where people can freely buy Bitcoin without relying on ETF contracts. Despite my reservations, I am intrigued by the idea of ETFs. Why not invest in actual Bitcoin instead of ETF contracts?

Z-tight

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Quote from: BADecker on August 24, 2023, 12:33:47 PM

Just hang onto your 'hodl' a little longer. I've seen new 'ETF' predictions suggesting Bitcoin to as high as $150,000. Of course, investing in ETFs at the right time might be even more lucrative.

The discussion on BTC spot etf proposals and possible approvals continues, we have had so many discussions on spot etf's recently. The sec may or may not approve these proposals and i don't think it would mean that BTC price wouldn't rise as high as this after the next halving. It is true that spot etf's would attract investors who don't want to own BTC keys but want exposure in the currency, but there is enough demand from people who buy BTC's the way it should be bought; and once the supply is halfed, BTC price is expected to go very high even without the approval of the sec on spot etf's.

coolcoinz

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ETF this and ETF that. We're actually talking about an ETF for bitcoin since 2018 when Winklevoss were trying to get one approved and kept getting denied.
Futures doesn't count because it's not the real thing, just an instrument for fiat users to bet on bitcoin without touching the thing.

Let's not get too excited because it's been more than 5 years since people are talking about a possible ETF in the US. Also, there's already one in the EU and one in Canada if I'm not wrong and there's no positive impact on price. What makes you think these people won't short bitcoin like those that have money in that futures ETF? When it went live, the 2017 bull market ended.

Aanuoluwatofunmi

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Quote from: BADecker on August 24, 2023, 12:33:47 PM

Just hang onto your 'hodl' a little longer. I've seen new 'ETF' predictions suggesting Bitcoin to as high as $150,000. Of course, investing in ETFs at the right time might be even more lucrative.

If this news is going to be the actual decision the SEC are taking anytime soon then there's no doubt that there may be more shift to experience in this coming days for more high despite the bitcoin market had been making recent moves to rise but the restriction had been always raised against the bull, i think just as some predicted the recent bear as a result of some occuring news, maybe this could also be the one to push the market on pump close to $40,000 anytime soon.

Faisal2202

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I have also seen these types of news stories since two days ago. And TBH, we should not develop hope for something that would discourage us from developing hope for next time. This means we should not develop that huge hope of reaching BTC at $150k. Instead, we should check the facts and not fall prey to such sentiments, which are luring more people into thinking that they will become rich in a short time.

Dear Op I totally respect your post and your valuable insights, but all I am trying to say here is that we should not place our hopes on something not real but fictional, but at the same time I am also not saying that BTC cannot reach that target because that is why BTC is the most famous and favourable coin for investment opportunities because it always exceeds expectations. Still, I am sharing my ideas, which might be good to some extent, but other than that, it is everyone's decision to build hope or not.

Even when I saw the news, I barely stopped myself from calculating the returns. heheh. I know that's funny, but I really stopped myself and said to myself that instead of imagining something that is yet to happen, we should work harder to get more Satoshi. Cool

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