Many of us have been eagerly awaiting the SEC ETF approval for months.
The whole ETF saga has pushed $BTC to great highs.
And then the SEC showed us how they protect investors.

That same SEC that warns us of the risks of crypto investments just caused a 250 million dollar liquidation because they did not have their 2FA set to active on X.

And they single-handedly made the total BTC market cap drop by $50 billion.

When a real company would experience this the SEC would call for a huge investigation and hold the company liable....would that apply to the SEC as well?

But of course, the most peculiar thing about this hack, next to the hacker being an absolute legend (if it was not Gary Gensler himself of course), was the proof of the sell-the-news event.

The Price pumped on approval and dumped before the SEC removed the Tweet and later recalled the approval.

And that is what got me so disappointed because I was convicted that this was a sell-the-news event, but I expected the positive news to last for more than 10 minutes.

Now I still thought this might be because people recognized that the SEC would not just X such a monumental approval. It would be more official somehow, so if I would see that ... who would not?

Hence I planned to at least hold on to the bit of BTC planned to sell prior to the sell-the-news dip till at least 55K.

If this was the dry run, I should sell in the first ten minutes but stubborn little will probably think to know the market better and ake it at least 15 minutes.

The ETF Approval (non)Event

*So there I was waiting and thinking.... *
Expectations are the news would come after markets close hence between 22:00 & 24:00 CET

What time did that fake f@ck post its fake approval news?
22:05!

Damn this legend is so good, I start to believe more and more that this so-called sim swap causing the hack had never happened. I started to silently think the SEC organized the whole show yesterday for some weird reason.

The only reason I could think of was they planned another delay and needed an excuse to do so.
What better excuse than this huckster hacking even the SEC:

Therefore my mood changed quickly, and started to expect another bearish delay.

Few Hours Before Possible Approval

If the BTC ETF is approved I will remember for always where I was when I heard the approval.
If it was rejected, I probably forget about it within a week.

18:00 - No News

Another curious fact; ETH all of a sudden did a 7% pump since the fake news dump. So money is moving from the ETF BTC to ....ETH the next possible ETF and that narrative will flow for the next couple of months until that approval is nearing its sell-the-news event.

20:00 - No News

Well except the SEC playing tough calling in the big FBI guns to figure out who was responsible for yesterday's debacle. While the answer is you GG you and your bunch of clowns.

21:00 - No News

Although this is becoming more and more like an inside job and I guess I am not the only one thinking that it was an SEC dress rehearsal.

21:30 Something Happened

BTC dropped from 46.5K to 44.8K on the news that the CBOE has withdrawn all 8-A12B Certifications issued today for Bitcoin Spot ETFs.
Great Max Paine once again, anyone leveraging this event got rekt trice in 48 hours.

Now based on the legendary hacker news I expect the approval to come in within the next 30 minutes, if yesterday was the dress rehearsal, and guess what.

Like Clockwork at almost the exact same time as the fake news was released yesterday .....the official approval came out! And Yes I know where I was, outside walking the dog.

History Did Not Repeat itself

I expected the dump, but I expected that first 10-minute Demi-God Candle Pump like the one I saw yesterday and I got bupkes.

No Pump & No Dump, absolutely nothing happened.
Talking about the biggest disappointment of 2024 ten days in.

I did not want to believe it was another sell-the-news event and as we did not dump in the first hour I might be right. But the approval was priced in, and the inflow of fresh cash will only start as of tomorrow so that inevitable dump I expected will probably still come.

BTC ETF Approval Will Make Bitcoin Crash

I just expected a little bit of euphory just one or two days before dumping....but no such luck. The approval was as was to be expected by anything coming from the SEC a big nothing burger.

One hour after approval

Still, nothing happened.

Bikini Bottom Line

The build-up to this anti-climax was huge and this not-so-climactic climax was to be expected, we had fun for way too long, and in the end, this is crypto and crypto loves Max Pain, pain in my soul and not my portfolio for the change.

I guess I will have to practice patience again, as I still have not mastered the art. But I now need to wait and have faith that all those Boomer Billions will flow into crypto over the next couple of years.

Meanwhile, I will watch the current BTC money move to the next trade and that trade seems to be ETH and ETH related, and Lucky Me is holding $ETH, $ARB, $OP, and some other bags that will benefit from the next ETF narrative.

Still, it was sad seeing everything was up except for BTC once it got institutionalized.

Guess that was the ultimate proof that Satoshi Nakamoto was not amused.

Thank goodness you made it till the end Pees, Love and I am out of here!

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Just 8 days and a few places left on that waiting list.

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