Bloody Monday? We Shall See

You Could Hear a Pin Drop

The Market is eerily quiet at the moment and that is likely due to the fact that the very first Bitcoin ETF could be trading in as little as 2 hours from writing.  Futures contracts that Settle in Bitcoin is something investors have wanted for 8 years and for 8 years they have been unreasonably denied by the SEC, ever-single-time.

A few days ago we saw the light at the end of the SEC Banhammer and today is the expected unofficial greenlight parade for the new ProShares Bitcoin Futures ETF with the ticker BITO.

You would think there would be a pre-arty.  Maybe some alts were feeling extra bullish on the news and wanted to make a splash before Bitcoin steals the attention from everybody.  Maybe some Alts would start bleeding out as traders and investors prepare for a long hold on Bitcoin with more Capital.  

But instead, it’s pretty quiet overall.  Just about every Major is down a few percent with DOGE being the exception to the rule and Bitcoin more or less sideways.  Will we see movement at 9:30 AM?  We will see Bitcoin Rise past its current ATH?  Will we see some alts take a 30% hit?

We simply do not know yet but you can feel the emotions in the market.  You can sense the uneasiness of it all.  You can see how one alt is simply too afraid to mess anything up.  You can see traders sit on their hands, holding their breath.

The Volume so far today, for roughly 12 hours worth of trading, is almost equal to the total Volume for yesterday.  So there are a lot of Buyers and Sellers actively moving Bitcoin but they haven’t managed to move the price around all too much.  

In the meantime, with the little ups and the little downs, they are slowly slaughtering the Alts in the process.  What happens is that Bitcoin will make a move up and the Alts will do a move upward with Bitcoin but for only a sliver of the distance or strength Bitcoin did.  Then Bitcoin will have a move downward and Alts will magnify that move downward for themselves.  It becomes an unwinnable battle for Alts and when done right, Bitcoin would have a 24-Hour change of less than 1%.  The old One Step Forward and Two Steps Back is the unfortunate loop we see Alts in at the moment.

It’s a waiting game now as we await news of BITO and we await the open of the traditional market to see if there is any cause for panic or alarm.  Stay safe out there.

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