Okay time for conspiracy-theory! This is mine,
They want to use the ETFs to manipulate the price by buying futures before buying millions of $ in BTC to raise the price, then they short the ETFs and sell all their BTC to crash the price. Finally
they cash out on ETFs.
Combine this with the manipulation of news and you can see how the rich can control everything.
Their only problem is that Bitcoin's futures don't have much volume right now, so
they can't do a multi-million manipulation...
they would only trade against themselves.
This could change with the approval of ETFs, but before that
they want to buy as many cheap BTC as possible to have something to sell after they short.
So what I'm seeing right now is that we're in the phase
they're accumulating, but in order to keep the prices low they're playing with the news and control the SEC's approval.
One way with which
they might have managed to drive us in this situation is by making people believe that ETF = Moon.
This propaganda was easy to spread,
they were ready to buy a lot of Bitcoins the moment the news of an imminent approval to raise the price and ready to dump them when
they'd release news of delays.
After a while people started believing that the Bitcoin's price is relevant to ETFs, but as it's already said....
We didn’t need an ETF to see the price close to $20,000 so I assume we won’t need one to touch the next ATH. Fuck the SEC & fuck authority. They fear the beast that bitcoin will become.
In any case, people will keep selling their Bitcoins cheap based on irrelevant news.
Unfortunately,
THIS IS A WAR and if we want to win this, the first step is to accept there's an enemy; then realise the weapons in the enemy's arsenal and finally finding counters to these weapons.