A lot of crypto enthusiasts are talking about the spot ETFs as the major forerunner to the bull run, and this isn't only rational, it's also a sentiment expectation to key into the believability that something key must drive the bull run. It's what it is. Inasmuch as crypto is a sentimental investment; facts, figures, occurrences, and key moments must happen for people to see that the ball is rolling.
This was the same sentiment when we had deFi and NFT in the last bull run, inasmuch as these previous key occurrences to the last bull run were instrumental, we don't seem to see them as as industries in crypto that will progressively flourish, as they haven't lived up to their expectations. It's quite humongous how we've gone from deFi and NFT to waiting for the spot ETF, it makes you wonder if the ETF will be an industry that's going to be explorable and relevant for a long period or only become a temporary cataclysmic event to the bull run alone.
I think one will have to structurally dissect the ETF, the reasons, and the potentially functionally to know if it's going to be a niche in crypto that will create further diversity. If you ask me, I think the coming bull run will do its thing. The dilly-dallying between the SEC and Blackrock is not something you can really place a bet on. From what I know, Gensler is still anti-crypto and will always remain so, even if he plays a role in approving the ETFs. This makes it even more herculean.
To be honest, the news about the approval of the ETF is still not clear, blogs and crypto influencers are majorly creating anticipative posts and cooking well-crafted captions to create extra monetizable income for their Twitter accounts. So far we've been hearing of an amendment for the past two weeks, and I don't think there's been anything concrete.
This doesn't mean Blackrock is working tirelessly, I just feel that even if this approval thing lingers till the end of the first quarter, crypto will still do its thing. This isn't to underestimate the impact of the spot ETFs, I'm just thinking about it's the potency of its potential mainstay in the long run. Will it be a niche in Crypto that drives visibility in a welcomed fashion or just be a catalyst in the next bull run?
I don't know about this.
For now, most bull run lunatics raving about a potential 250k BTC by December 2024 are seeing the ETFs as an event to push the bull run and not looking more. Gensler and co know this, so wouldn't it be practical for them to delay the approval, since people are waiting on it to see if it'll herald the bull run?
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