Bitcoin is nearly 3X $12,000, and $310 million worth of Bitcoin shorts were liquidated in the past 24 hours. It touched $35,200 while I was sleeping, although I woke up a couple of times over the night to pee and couldn't resist checking the crypto market. The last time I checked, it was at $34,000. I was expecting a rebound for a while after the correction from $32,000 to $25,000 that BTC experienced, but I wasn't expecting anything like this.
Just a few months ago, moon bears were calling for $12k and were so proud of their shorts (talking leverage trading here). Now, all I sense is bear ass smoke, and this thing will last for a while. The $26K to $35K rally we just experienced lately sure is spectacular, but you haven't seen anything spectacular yet. Wait until alts wake up... Wait until DOGE starts taking a bite out of some of the Bitcoin capital that will at some point flow into altcoins.
I'm not ruling out $40K as a year-end target, but don't expect Bitcoin to moon anytime soon. And when Bitcoin enters a cooling-off season once again, it will be time for altcoins to shine (after something like 3 years or so in some cases). But what might have caused Bitcoin's recent surge? Well, it was in the cards for a while now, but some of you refused to see it...
BlackRock's iShares Bitcoin Trust was just listed on DTCC (Depository Trust & Clearing Corporation) with the ticker $IBTC" which is a clear indicator that BlackRock (and other investment funds) spot ETF filings are on the table, and approval is already written on the wall. The SEC will have to "reinvent itself" to allow BlackRock to buy more Bitcoin before the approval is announced.
Someone was posting on Twitter yesterday that they witnessed a 400 BTC buy order getting filled in one second on Binance. Tell me this is just another bear market rally, and I'll tell you: have fun staying poor...
More on BlackRock's iShares Bitcoin Trust:
BlackRock's highly anticipated spot bitcoin ETF, the iShares Bitcoin Trust, has made an appearance on a list maintained by the Depository Trust and Clearing Corporation, which Nasdaq says provides post-trade clearance, settlement, custody and information services.
While still awaiting approval from the Securities and Exchange Commission, along with other proposed spot bitcoin funds, the DTCC lists the BlackRock fund's ticker as IBTC.
"This is first spot ETF listed on DTCC, none of the others on there (yet)," Bloomberg senior ETF analyst Eric Balchunas wrote in a thread on X. "Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent."
Why all the fuss about this spot ETF? Well, it somehow translates to some billionaire boomers entering the space through the likes of BlackRock without the hassle of dealing directly with the "crypto perks." It's something we've all been waiting for since 2017... Kind of... Sort of...
I'm not really a fan of ETFs and institutions getting into crypto, but when it comes to the market capitalization of such assets (especially Bitcoin), it indicates that we're probably in a bull market like never before. Some have kept comparing the current bull market with the 2019 one, while I've always seen this one more like the 2015-2017 one.
Anything is possible in crypto, so I don't have any precise expectations. I'm just connecting some dots and trying to stay level-headed. One of my favorite crypto analysts on Hive, @chorock, mentioned something about a "great resistance" for BTC at the $32,500 level in one of his posts a few days ago. Well, my friend, it seems that resistance wasn't so great after all.
There's another thing that's been on my mind lately, and that is the idea of a shorter-lived bull market this cycle. Something within me tells me the peak shall occur in less than 1.5 years after the halving, as it usually did so far. What do you think?
Thanks for your attention,
