Almost all the news now is about spot ETFs. I believe the pressure from the SEC should be very high. BlackRock has also updated its ETF application, which means that several institutions this week have all made new moves, so this week should be a new round of approval process. I think the institutions should have received the response from the SEC and started to correct their own documents. About the approval node
The response this time instead of a simple postponement further increases the probability of approval. The listing of the new spot ETF will have stronger purchasing power for Bitcoin spot than the listing of GBTC to ETF. At the same time, the SEC also withdrew all charges against Ripple's CEO, and Ripple's case has come to an end. The SEC has lost to the cryptocurrency industry in the face of US laws for several consecutive years, and should be more restrained in the future.
Bitcoin is outperforming again today, and this wave is very similar to the one from the end of 2019 to the beginning of 2020. In 2019, it also fluctuated at the bottom for 2 months and then went through a small bull market for more than a month, and then it was the well-known 312. The current time node feels very likely to repeat history. The script is to start a small bull market from now on, start to fall at a certain point after the ETF is approved, and then reach a low point before the halving, and then start a bull market. Will history be so easily copied? Let's wait and see.
I am reserved about whether there will be another 312. There may be a big drop before the halving, but it may not be as fast and as large as 312.
