ETF is about to be approved, is it a scam or a major positive?
It means that ETH's ETF will be approved tomorrow. Could it be that this is a scam by a scammer? What is the probability of it being approved?
Although everyone says it will pass, will there be a black swan reversal?
After all, the dog dealers in the crypto are too cunning and have slaughtered us many times. The basis for passing is that the SEC notified the exchange to speed up the update of the 19B-4 document on the spot Ethereum ETF, but most of the news sources are gossip , which is worthy of vigilance.
Let’s look at two cases:
(1) If it passes, ETH will continue to rise in two situations, with a probability of 40%. All the good news will be bad news, and a correction will begin. After all, this is what happened one week after BTC's ETF was passed, with a probability of 60%. This is a good time for us to buy altcoins in batches at low prices!
(2) If it fails, there will definitely be a big correction, which is also an opportunity for us to build positions in batches. In any case, it will not be a mistake to fill up the bullets before mid-June!
Let’s look at the on-chain data again:
(1) More than 10,000 BTC flowed into the exchange yesterday
(2) Stablecoins are experiencing a large outflow. Last night, a Federal Reserve official said that it would take three to five months for the data to continue to weaken, and the Federal Reserve will consider cutting interest rates at the end of 2024, which is expected to be between September and November!
Then the approval result:
● Failure to pass: It will inevitably lead to a sharp drop in the entire Ethereum system, which will in turn cause the overall market to fall.
● Approved: Grayscale’s ETH spot ETF application is also among them. If the SEC approves it, it is likely that all ETH spot ETFs will be approved. Grayscale holds about 3 million ETH, worth $11 billion, and the current premium is -13.4%.
Did you realize you’ve read this script?
Yes, this part of ETH that has been locked for a long time is likely to be sold in a hurry to cash out, just like the BTC ETF in January. On January 8, BTC surged 7% because it passed the expectation. On January 11, BTC ETF was officially passed, but due to Grayscale's continuous selling for many days, BTC fell back from 48,000 to around 40,000.
So it will not be fully passed on the 23rd, it will just be a document passed, and the actual passage may be in August.
I have paid attention to three currencies with great potential:
$LPT
On May 22, NVIDIA will release its financial report. LPT can be called the leading project in the AI sector, showing good resistance to decline. Although its current market value is not high, it has a solid foundation and is definitely a potential currency!
$SSV
It is a strong currency in the Defi sector, and it is related to the Ethereum system. It has many stories. It is jointly invested by CB Exchange, DCG, and Ouyi. It is a Wall Street Jewish project. The founder is the CEO of BloxStaking. The technical aspect is very good. From the perspective of price control, it is also operated by strong institutions. It is worth long-term attention and follow-up.
$ETHFI
Financing of 32.3 million USD, TVL exceeds 3 billion RMB. Supported by more than 95 coins and investors, the investment institution is the Wall Street consortium in the United States, a real bull. You can buy it when it falls back to around 3.5.
If you have any questions, add my WeChat: mcty689 or you can add me in the discussion group.
