Aren't we living in an age where almost everything sells on exaggerations or hypes? The recent approval for Bitcoin Spot ETFs is just one other example to already imploding list of such overhyped instances. Wouldn't that be better if we just talked about the merits and demerits or the influence of spot ETFs on Bitcoin's adoption? Instead we went crazy to figure out how Bitcoin would go up and up post ETF approvals. Anyways that didn't materialise and Bitcoin could barely save the support at $40k, nearly down 20% from the highs that it made a few days ago.
It's not that difficult to figure out who the culprit was this time. It's not one but everyone who only believed what was overhyped and exaggerated in the media. Yes, it all started when crypto media started all the air with the possibilities for a possible large scale Bitcoin adoption post-ETFs. 'Bitcoin would reach $100k if SEC approves Spot ETFs' was written all over and we believed the 'overhyped news that sells its readers down the river'. If you still don't understand the game, you probably aren't playing.
The companies that were awarded the approval had already had enough in their bags so as to unload it in the next few months. They knew one thing that in no way they could control Bitcoin, so they had to control the 'Hype'. They were actually successful as they caught the market at where they wanted.
Nevertheless, this is the right time when we need to be more unite than ever, lest the big fish swallows the smaller ones. All the big fish have now approached and swallowed a few but now we got the defence right and holding tightly the hands of each other.
What made me so susceptible of all the drama that unfolded before ETF approval, was the perfect timing of reports suggesting a 'Sell the News' event. As we approached near 'the approval', everyone seemed more worried than actually being happier. Worried for the 'mass sell off' or a possible start of downtrend. Additionally, the fake approval news did make Bitcoin go up crazy, but the real event didn't bring any enthusiasm. Also before the fake news, there was no 'sell the news' echoing in media.
It seemed like the fake news was just a test of how the market would be reacting on 'the news for approval'. Soon after that fake show, in order to change market sentiments, the news of 'sell the news' started circulating and we followed, after the overhyped 'Bitcoin price to $100k'.
All those views that I present above are solely mine and you can definitely have contradiction with them but what you can't contradict is that Bitcoin isn't and shouldn't be prescribed to faint hearted at all. What we witnessed post ETFs has effectively brought back the demons of 2022, albeit in a minor way.
However, if you don't stop reacting to these 'overhyped circulars', within time, the manipulators will cash in on your psyche and take over 'the democratic form of money.' You will once again feel like a herd of lambs who fear the tigers in the dark.
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