SEC backed into a corner on Bitcoin ETF, and is a BTC price correction coming?

We saw a flash crash of the Bitcoin Price this week but is a far bigger Correction in the Pipeline good morning you're listening To the ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curbing Crypto make sure you click that follow Button go on click it please okay grab Yourself a coffee and let's get into It oh happy Friday everyone it has been Another crazy week in crypto and things Didn't slow down yesterday although Price-wise things are moving back in the Right direction there are a few stories You need to know about first up a Bloomberg ETF analyst says the SEC has Been backed into a corner on the spot Bitcoin ETF approval bitwise releases a Fascinating report after surveying Financial advisors on crypto during Bitcoin's brief crash there was a surge In Bu The Dip calls on social media and Arthur Hayes warns about a bitcoin price Correction in March that could be up to 40 % Wednesday was of course a wild but Seemingly brief detour on the spot Bitcoin ETF Journey if you don't know What I'm talking about listen to Yesterday's episode as I go in depth on What happened purported reasons for

Bitcoin dropping $4,000 in price in Just 2 hours and what the Matrix Port report Said among several other things the tldr Is that Bitcoin likely dropped for Mostly unrelated reasons to the viral Report from Marcus Tian of 10x research That was published by matrix port this Report stated that the spot Bitcoin ETFs Were going to be rejected by the SEC This month this sent crypto into a Frenzy well yesterday in the Fallout of This pandemonium crypto Quant the Onchain data and analytics provider Hosted a private webinar with James Saart one of the Bloomberg ETF analysts It was a fascinating listen and I want To say thank you to crypto Quant for Letting us use some excerpts safe art of Course addressed The Matrix report by Tian saying we just completely disagree I I mean to be honest some of the things That they wrote about there that they Were concerned about and were focused on Is things that we were talking about in July like five six seven six months ago At this point and we've since been asked And answered and we've gotten way more Confident in talking with people I was Concerned they had sources it was just It was just an idle of saying like I Just can't like I don't understand this Which he's not alone a lot of people Still think these things are going to be Denied um they used to be the majority

Now they're the minority so it's not That crazy it's just that the report Didn't really they didn't add anything New there was nothing we didn't know uh And it honestly it got a couple of Things wrong um but for for the most Part it it it didn't change our view at All once I once I saw what the actual Report and the substance of the report It hasn't changed our view in the Slightest this was the stance that both Safe art and the other ETF Analyst at Bloomberg Eric balinas appeared to be Taking on X as the story unfolded I Mentioned yesterday that balanas asked Tan on X whether the report was as a Result of info from inside the SEC or Perhaps one of the issuers and tan Stated that it isn't T mentioned trading Against the consensus which makes sense But as I also said yesterday it does Feel as if telan came into some new Information somehow and we're not seeing It but perhaps not another interesting Point that safe art raised on the crypto Quant webinar was on the very topic of The sec's likelihood of accepting the Spot Bitcoin ETFs at this point most People know that we were given a 90% Probability of acceptance by both the Bloomberg ETF analysts which hasn't Changed despite the market wobbles and Rumors but gave a stance on why they Might be accepting this month and it's a

New one to me so basically sec in my View has been backed into a corner so Even if Gensler and the SEC didn't Really want to approve this because of All the work from all these issuers and The grayscale court case and a bunch of The other facts are just laid out They're kind of backed into a corner I've discussed this a few times lately But balcon raised the point that if the ETFs were to be rejected at the 11th Hour the SEC would probably incur Lawsuits from the applicants so safe far Backed into a corner comment is really Fleshing out that narrative this really Is a bizarre and singular Situation okay let's stay with the ETFs A little longer but from a totally New Perspective when it comes to the spot Bitcoin ETF applications there are two Experts we rely on the aformentioned Eric balinas and James safe art I swear I say their names more than I say my own Child's name lately they gave and have Stuck by that 90% probability prediction We just discussed but what about the Wider world what do the other Financial Experts in the US make of the odds Yesterday bitwise published the results Of a survey they did of 437 registered Investment advisors financial planners Institutional investors and wirehouse Representatives across the US the survey Put to them several questions and there

Were some eye-catching takeaways so here Are a few that I wanted to highlight one Only 19% of advisers are currently able To buy crypto in client accounts two 98% Of advisers who have an allocation in Crypto inent accounts wanted to maintain Or increase their exposure this year not Sell three 88% of advisers have received A question about crypto in the last year And four 64% of advisers cited Regulatory uncertainty as the biggest Barrier to crypto adoption I think these Are so interesting because 19% of Advisors being able to buy crypto and Client accounts is obviously a very big Blocker I would say this finding is Intrinsically connected to the 64% of Advisers citing regulatory certainty as The biggest barrier so it's almost Needless to say that the spot Bitcoin ETF would solve both of those problems Well for now as far as buying Bitcoin Goes as interesting as these stats are a Single finding has been making all of The headlines and that is only 39% of Advisers believe a spot Bitcoin ETF will Be approved in 2024 that is markedly Lower than the Bloomberg boys however a Whopping 88% of advisers are interested In purchasing Bitcoin and are waiting Until the spot Bitcoin ETF is approved I Asked Tom Blackstone the author of this Article on the report why he thinks the Advisers are so eager to see the ETF

Approved that's a good question at first Glance it might seem paradoxical that These advisers are saying they want to Buy Bitcoin after the approval after all The price will presumably go up after The approval is made or at least that's What most people seem to think so one Might reasonably wonder why they Wouldn't want to buy before the approval When prices will still be low but I Think what's going on here is that these Advisors are serving clients who want to Hold Bitcoin in a 401k an IR or some Other kind of tax deferred investment Account right now getting Bitcoin into These kinds of accounts is complicated Whereas putting shares of ETFs into them Would be much easier so that may be why These financial advisers would rather Buy after the approval instead of before It Tom also noted that 87% of the Advisers believe this Bitcoin ETF will Be approved eventually even if it isn't This Month social media is a fascinating Beast however J did I get with it and Macro level analysis of what's Happening Across most of the major platforms can Yield some useful indicators there was a Time when utilizing the Twitter sphere As it was once called was cutting edge But now it's just PA of the course it's Typically a good way of getting a General consensus on subjects such as

Crypto the blockchain analytics firm Santaman took a look at what the masses Were discussing during the Bitcoin flash Crash chaos we discussed yesterday they Found that the phrase by the dip spiked In social media mentions as bitcoin's Price fell reaching the highest number Of mentions since the 25th of March 2022 Supporting this hive mind sentiment is Google Trends one of Google's analytics Tools that allows you to see data on Search terms if you look up by the dip You can see it has been on a Continuously upward trajectory since November although buy the dip is a Positive sentiment it can sometimes mark Deeper corrections as Nancy Lali writes She said for instance spikes in Bu The Dip calls during the 2021 Bull Run were Followed by deeper pullbacks in prices Obviously it's important to remember That correlation does not imply Causation but by the dip could certainly Have played a Role Arthur Hayes the former CEO of Bitmex and a Bonafide Bitcoin trading OG Is one of the most captivating people in The space by virtue of how bold his Predictions are crypto is far from short On Bold even extreme opinions and Forecasts but Hayes isn't wildly Swinging nevertheless he has stated that Bitcoin could hit as high as $1 million By 2026 and that the spot Bitcoin ETFs

Could completely destroy Bitcoin and Those are just from the past 2 months I Should add though that both of those Bold predictions did have compelling Supporting evidence well in a blog post Yesterday Hayes had a warning for us Regarding some Financial Market turmoil In the pipeline and it also makes a lot Of sense with the ETF on the apparent Cusp of approval and the harving event In April many are only looking up when It comes to bitcoin however Hayes warns That we could see a 30 to 40% correction Why well in March the fed's bank term Funding program btfp which was set up to Aid the 2023 Regional banking crisis Will be coming to an end and just a week Later the Federal Open Market Committee The fomc will decide in what direction The interest rates will go Hayes wrote If my forecast is correct the market Will bankrupt a few Banks within that Period forcing the fed into cutting Rates and announcing the resumption of The btfp Hayes added that Bitcoin Initially would decline sharply with the Broader financial markets but will Rebound before the FED meeting that is Because Bitcoin is the only neutral Reserve hard currency that is not a Liability of the banking system and is Traded globally so Hayes goes on to Explain that while he sees a massive Price correction happening in March

Bitcoin will continue its upward Trend Afterward with the harving acting as a Sort of catalyst as a result Hayes isn't Buying more Bitcoin until March what do You think tweet us on @ cointelegraph or @ RK Bags I do love an episode filled with Expert insights and that's exactly what We got today so consider yourself Informed as always thank you for Listening to the ryzen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review have a great weekend And let's do this again [Music] Monday [Music]


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