ETFs Don't Rush The three major signals of a bull market have not yet arrived

Compiled by Carl by Techub News-Sean

The market flickered on and off, is it a quick return of the cow, or a violent disassembly?

On October 24, many people got up and were stunned by the rise in bitcoin, the last time a fake news on Cointelegraph caused a 10% surge is still vivid, this time it directly pulled more than 15% of the price, the price exceeded $35,000, the first time since entering the bear market.

However, how far is the bull market? Is the bull market coming? This is the confusion of many people.

| 71% Bullish

On October 24, according to media reports, BlackRock’s Bitcoin spot ETF was listed at the American Securities Depository Clearing Corporation (DTCC) under the ticker symbol IBTC, which is part of the listing of the Bitcoin spot ETF.

In addition, the US court has formally ruled that the SEC needs to reconsider converting the grayscale GBTC into a bitcoin spot ETF, and the SEC has accepted the filing of changes to the listing and trading rules of gray’s Ethereum trust.

Affected by the above news, Bitcoin rose by more than 15% in a short period of time, reaching a maximum of more than $35,000 per coin, and other mainstream currencies also rose sharply.

Bitcoin ETF funds are seeing a whopping $43 million in inflows today, equivalent to 10% of total inflows this year. Does this mean that the smart money in the market may have obtained some clues and started to act?

In fact, BlackRock Bitcoin Spot ETF is listed on the American Depository Depository Clearing Corporation (DTCC), which is not really approved, and judging from the application progress of various institutions and the final review deadline of the SEC, the real spot ETF approval will be at least January 2024.

@Phyrex said that this does not represent that BlackRock’s spot bitcoin ETF has already passed, it is only part of the preparation process. BlackRock knows the whole process very well, so they have more experience on the road to saving time.

He reminded that when you really want to spend money, be a little more sensible, if you want to make a short-term profit and run, then be careful, whether the SEC will approve, when to approve, not anyone can influence, the House of Representatives, the president of the United States.

However, ETF-led investment sentiment has risen, with bullish BTC being over 71% so far, according to a Bybit online survey on bullish/bearish BTC.

| Bull market, don’t worry

At present, the general consensus in the industry is that the bull market has not really arrived, and this is just a pull of good news before the spot Bitcoin ETF passes in the United States.

Wang Feng, CEO of Blue Port Interactive (HK) Group Company, said on social media that don’t worry, the starting point of the next bull market requires three necessary conditions: SEC through spot BTC ETF, the next round of bitcoin halving, and monetary easing.

However, none of these three conditions are met.

Many people believe that this Pola disc may be caused by insiders.

@Crypto Rover tweeted that I wouldn’t be surprised if this Bitcoin rally was caused by insiders, knowing that all spot Bitcoin ETFs would now be accepted at any moment.

@BITCOINLFG also believe that BTC’s surge is due to the fact that some big players and insiders know that the bitcoin spot etf is about to be approved.

@阿甘谈币则提醒大家不要上头, “This wave of rise is just a small market, it is definitely not a bull, don’t go up, don’t give the market fomo, wait for the rush, the rest is a high sideways oscillation, slowly falling.” ”

In addition to the positive factors of ETFs, the price of Bitcoin will also be affected by the negative impact of increased regulation and lack of funds.

@Phyrex said two meetings on counterterrorism tomorrow and the day after tomorrow could see the U.S. begin restricting the circulation of cryptocurrencies on topics such as “How the U.S. and its allies can stop Hamas, the Allah and Iran from evading sanctions and financing terrorist activities” and “Moving Money: Understanding the Iranian regime’s access to money around the world and how they use it to support terrorism.”

@Phyrex believes that the emotional impact is one thing, but the current shortage of funds at the macro level cannot be ignored. With high interest rates, Americans are having less and less money in their pockets, and the actual situation may be more serious than we think. When a person does not have enough money to live, how much can be used for investment, and even if the price rises after investing, and whether he will continue to hold it or cash out and use it in life when he is short of money, this may indeed be a choice question.

For the current pulling volatility, @Luke Broyles said the BlackRock ETF looks imminent. I tried to make myself happy, but I wasn’t excited at all, I felt sick and wished I was wrong. Please BTC slow down…