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By Teeka Tiwari
Everyone is talking about the imminent approval of a spot bitcoin exchange-traded fund (ETF).
The speculation has fueled a major rally in bitcoin. It’s rallied 53% since its September low above $25,000.
As I write, we’re closing in on $40,000… And prices could go higher from there.
Despite the incredible bullish sentiment in crypto right now, I have a warning for you.
If you heed my warning now, you could position yourself to reap life-changing gains from this new crypto bull cycle.
If you fail to heed my warning, it could result in a lifetime of regret.
A Spot Bitcoin ETF Could Launch by Year’s End
The next deadline for the Securities and Exchange Commission (SEC) to decide on a spot bitcoin ETF is January 1.
On that date, the SEC must approve or deny a spot bitcoin ETF application from Franklin Templeton. And January 10 is the deadline for Hashdex’s ETF application.
Hashdex is a relative newcomer in the bitcoin ETF game.
It’s a small crypto asset manager with about $435 million in assets under management.
Franklin Templeton, on the other hand, is a major Wall Street player. It manages over $1.45 trillion in assets.
Franklin Templeton recently chose Coinbase to custody the bitcoin in its proposed ETF. And it will use the reference rate from the Chicago Mercantile Exchange for pricing.
That means the firm is serious about the SEC approving its spot bitcoin ETF soon.
Now, I don’t have a crystal ball. So I can’t say whether the SEC will approve or reject those two applications before the January deadlines.
It’s also possible the SEC delays these decisions again – like it has done in the past.
We know serious talks are ongoing between the SEC and two other major players seeking to launch their respective ETFs soon.
I’m talking about Grayscale and BlackRock.
Grayscale manages the Grayscale Bitcoin Trust, or GBTC. It’s a closed-end fund.
I won’t get into all the differences between a closed-end fund and ETF. But know this… Grayscale wants to convert GBTC to a spot bitcoin ETF.
By converting GBTC to an ETF, Grayscale will have more flexibility managing the fund.
According to recent reports, Grayscale has agreed to let the Bank of New York Mellon serve as the transfer agent for shares of the trust.
Grayscale also intends to list the closed-end fund shares on the NYSE Arca exchange under the symbol GBTC. So we know the plan is in place.
Meanwhile, representatives from BlackRock and Nasdaq met with SEC officials in late November to discuss BlackRock’s proposed ETF.
BlackRock intends to list its iShares Bitcoin Trust on the Nasdaq.
Friends, this news suggests to me that we’re close to the finish line. We could see the approval of a spot bitcoin ETF any day now.
That’s why I am issuing this warning…
Be Prepared for a Possible Pullback
Let’s say tomorrow the SEC approves one of the many spot bitcoin ETF applications… If that happens, there will be a very quick pop in price.
What I want to prepare you for is the potential for a short, sharp sell-off that could quickly follow the initial pop. And it will confuse the heck out of the market.
Here’s why…
There’s a ton of hot money coming into bitcoin right now.
By “hot money,” I mean some investors want to play the post-ETF approval bump… And then as soon as it happens, they’ll dump.
There may be enough long-term buyers like you and me who will absorb the dumping… But I doubt that because the ETF approvals will be brand-new.
It’s going to take time to train the brokers and get the massive Wall Street marketing machines fired up.
So if we see the ETF approval relatively quickly – and it’s followed by a quick pump-and-dump – DO NOT sell your bitcoin into that dump.
Let me repeat myself: DO NOT SELL YOUR BITCOIN.
Any sell-off we see won’t last long. In my opinion, it’ll be a sucker sell-off to shake out the very last of the weak hands and the hot money.
Instead, I want you to use any pullback as an epic buying opportunity.
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