The long-awaited Bitcoin spot ETFs (all of them) got approved the other day. It was no surprise to me, and probably to you as well. I knew that the SEC wouldn't delay the approval for longer once the case with Ripple was lost and BlackRock entered the game.

After proving what a clown he is by having the official SEC Twitter account hacked one day before the official announcement and "leaking the decision" one day before it happened, Garry Gensler felt the need to express his opinion on not encouraging people to invest in crypto and that he still believes Bitcoin and crypto are risky assets.

Why the heck do you approve the ETFs then? It doesn't make sense... But what makes sense anyway in this world...

Bitcoin pumped quite strongly on the "fake announcement" and basically did almost nothing once the ETFs got approved. I guess the ETFs were already priced in, and capital had to move elsewhere, but where to? Well, if you throw a glance on CoinGecko, you will notice that ETH is having quite a pump lately.

Nothing close to "steroids-induced pumps," but quite decent nevertheless. ETH lagged BTC in recovering from the bear market bottom, which frankly didn't get as deep as in the case of many other altcoins, and the ETH/BTC pair showed a bottoming formation for a while too...

Oh, you know what's funny about the Bitcoin spot ETFs approval announcements? They came on the same date as Hal Finey's famous tweet: "Running Bitcoin". What a coincidence...

I guess it's hard to beat technology at this point, and instead of fighting it, even the more potent forces in the world have to go along with it. I remember precisely how bearish BlackRock's CEO was about Bitcoin just a couple of years ago, and now the largest investment company in the world by assets under management has its own ETF.

The thing with technology is that it moves mountains, it turns day into night, and it can recreate landscapes in the blink of an eye. I remember, for a few years now, all sorts of nonsense the bears were saying about Bitcoin never being able to recover to $20,000 and pierce beyond that level.

Well, it is currently more than 2X its 2017 ATH, and my take is that we will have a $100,000 BTC by the end of the year. The current run-up that has been going on for a few months now was mainly fueled by the SEC's decision to approve the ETFs. Now that we've gotten there, the interest in Bitcoin will weaken a bit. But...

But, there's the halving which is supposed to occur in late April this year, an event that in previous cycles has always led to massive price appreciations for Bitcoin and other projects across the board. Some say that the halving is actually coincidentally overlaying a so-called "liquidity cycle" and that its impact on the price without "that liquidity" would be minor.

I am not knowledgeable enough to tackle the topic; all I know is that every time a halving in the Bitcoin network happened, miners changed their selling behavior, and the price of BTC spiked higher and higher over something like one and a half years until it reached a peak. Will this time be different?

Probably... Personally, I believed in the super cycle theory in the past cycle and got burned really hard by that. Now knowing that we have two powerful catalysts for BTC's bull market, I believe that the current cycle will be shorter-lived than the previous one. Just a supposition.

It will take time for BTC to absorb the immense liquidity that these ETFs have the potential to amass. To put into perspective what can happen with Bitcoin's price now that the ETFs are approved, you need to know that prior to gold's approved spot ETF, gold had a $2 trillion market cap, and some good years after the approval, it reached $16 trillion.

Bitcoin is currently rocking a bit under one trillion in market cap, and by the end of the bull market, it might hover around $5 trillion. We will have to see that. However, as briefly mentioned in the introduction, ETH is showing signs of strength, and that is good news for altcoins, all altcoins because ETH is usually the party starter for shitcoins.

I know that the likes of Solana and others have already had their show, but do not forget that during bull markets all have a piece of the cake, some more than others. Whoever positioned himself on the good side of the trade by buying crypto in 2022 and 2023 is now about to make a lot of money this bull market.

Caution is of utmost importance. I mean caution when it comes to becoming greedy and euphoric because these sentiments are bull market killers. Don't forget that bull markets climb the walls of worry while bear markets sneak in when everyone least expects them. When you get the tiniest feeling that the rally is too strong to be over and nothing is stopping this train, you should know that that is the time to exit the market.

We haven't gotten there yet. Technology is life-changing; we are definitely going through the fourth industrial revolution, but it will all take time. The long-awaited recession will come, and securing profits this bull market should be a must. "Countertrade your emotions, and you will do fine." That's what I'm telling myself every time greedy thoughts arise.

That's about it for now from my side; I wish you all a great day and see you next time.

Thanks for your attention,
Adrian