Supply and Demand manipulation. Approval given -1/10/2024
https://www.reuters.com/technology/bitcoin-etf-hopefuls-still-expect-sec-approval-despite-social-media-hack-2024-01-10/ "Standard Chartered analysts this week said the ETFs could draw $50 billion to $100 billion this year alone. Other analysts have said inflows will be closer to $55 billion over five years."
https://www.theguardian.com/technology/2024/jan/11/bitcoin-etf-approved-sec-explained-meaning-securities-regulator-tweet "The decision to approve the ETFs is a major win for huge fund managers like BlackRock, Fidelity Investments and Invesco who will manage the funds – and have pushed hard to get the SEC to approve them."
Quite a bit of the current volume is driven by flows from Grayscale to the ETFs to avoid the 1.5% annual fees from Grayscale. This is why volume is so high, but prices aren't spiking because so far it's mostly a shuffle rather than new money inflows.
(post is archived)