In hindsight we are all so damn smart. But at least when all the signs are there in the open we can put two and two together.
Of course, we all expected the proper bull market to start sooner or later. And as always, the market needs a reason, solid or not, to enter the hype stage (one of them).
October, traditionally, is a positive month in crypto. November too. But after a bear market, we can see that for most people the slogan "flight to safety" related to bitcoin didn't catch to the masses, because they saw bitcoin plunge compared to the USD during the bear market and to them USD remains the base measurement unit.
So, we have a new slogan, one that is harder to contradict be sheer price evolution, nor is it attached to a notion of safety. The new slogan: "flight to quality" was coined about a week ago, by the CEO of... BlackRock.
Notice the difference in approach? "Flight to safety" appeals to everyone, because everyone needs to feel safe, it is one of our essential needs as humans.
Quality is different. If you are poor, you can rarely afford quality, only the cheapest things.
How many real Picassos do you have at home? That's one level of quality.
In other cases, quality is measured in how many times have you eaten this week and what?
So... flight to quality. This announces what we already knew. Real bitcoin will become much like tokenized real Picassos ("tokenized" because maybe you hold 100 satoshis, but not a full bitcoin).
"Flight to quality" much better identifies the target audience for the future holders of real bitcoins than "flight to safety".
Why Is the Crypto Market Pushing Upward So Hard Today?
Without some positive news on the BTC ETFs approvals front, I don't think bulls would have been convinced yet to break the 31k level which was a very strong support on multiple occasions. Not all past strong supports transform in strong resistances, though.
The news is that the BlackRock's Bitcoin ETF, iShares Bitcoin Trust, has been listed on the Depository Trust And Clearing Corporation’s website with the ticker iBTC.
The DTCC, which works closely with governments worldwide, is the corporation in charge of clearing NASDAQ trades.
So, BlackRock made this move even before their ETF is approved by the SEC and secured probably the best ticker for BTC.
What else surfaced?
Apparently, Gensler confirmed that the SEC is looking at 8 to 10 separate ETF proposals and talking with the companies behind them.
We have seen reports about updates of these proposals lately, which may be as a direct result of these talks.
Maybe these talks also convinced BlackRock their ETF will be approved. Or maybe they just wanted the first mover advantage to choose the ticker, and maybe to add some more pressure on the SEC.
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