The market is seemingly euphoric, the conviction of reaching new ath is at its peak, the question is do people actually understand what this ETF is and what it means?
My feelings towards it are a bit mixed, obviously looking from the personal gain perspective it's great that more people will get to know and invest in bitcoin, especially the ones, that couldn't have this exposure before, however, generally we are talking about the product of the system that many of us try to fight or avoid, namely the legacy financial system.
Not to be a fear monger, but this futures ETF can be used by suits in JP Morgan and other similar offices, to manipulate the market without holding the actual assets, since the approved ETF is not custodial.
Where I see a problem is that this asset class and the market, in general, is still in its infancy and now the big boys will get to participate in it, with their sophisticated teams of analysts and pockets full of money...
On the bright side, let's hope this approval will pave the path for other ETF applications down the pipeline, maybe that will help to balance this situation and will only strengthen the bitcoin and crypto market in general.
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