Everybody and their mothers, including my no coiner friends, knows that today was approved the first "futures Bitcoin ETF in the US" and the whole market is boiling right now. Bitcoin is close to $62,000 at the moment of writing and it will blast through the previous ATH like thin air.
The trading on such an ETF is starting as of next week, thus the massive buying orders and the price reaction is due to speculation of course as many are rushing in before fatty funds will start doing that. From what I know, not every financial institution in the US can have direct access to direct buying and storing crypto, thus ETFs make a whole lit of sense for them.
According to Jon Geenty, credited for the screenshot above, there has been a buy order that got filled of almost 557 Bitcoin worth close to $33 million, on Binance today. That's about the Bitcoin holdings of one small country, El Salvador, which has managed to create its own "national Bitcoin fund" worth around $42 million atm, which is by the way $7 million up from the moment they bought.
The large buy on Binance is imo a confirmation that some whales have had "their own confirmations" in pouring huge money into Satoshi's true vision, Bitcoin.
Whether the world, and especially governments, likes it or not, Bitcoin is becoming the standard and Senator Cynthia Lummis has already confirmed its value both in a hearing earlier today and on a recent interview with Scott Melker on twitter.
The lady is concerned about the spending in the US leading to the destruction of the value of the dollar, thus believing more in Bitcoin than in USD for her retirement. As disclosed by her, a few weeks ago, she bought 3 BTC and plans to HODL for many years ahead. Probably what all of us should do...
It's Friday evening and I won't make this a long one... I don't want to be overly bullish, but I believe that today was probably the last time we saw Bitcoin under $60,000. I don't say it's going to a million in the next few months and will never fall back, but I doubt that the ones getting into it at this level and the strong hands who have accumulated over years, seeing where the world's economy is heading, will ever sell.
Plebs will for sure do that, as we're still into the taste of the USD, but not the new type of OGs of this assets class. Have a great Friday/weekend and see you to the next post.
Thanks for attention,
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