Today's Afternoon Ginseng:

On January 11, 2024, Beijing time, the SEC approved the application of 11 institutions for BitcoinSpot ETFs (including grayscale's GBTC to ETFs), and Crypto Community people can finally say that we are standing in the same ring as Wall Street, and from now on Bitcoin we have officially stepped into a new starting point and a new era.Crypto Community
Although the chairman of the SEC is very hard-mouthed, he said a lot of this is not good and that it is not good, and he also said that the biggest reason is that Grayscale won the lawsuit, no matter what. The end result is approval. But as we said yesterday, the market has priced in the performance after the pass yesterday, so the increase after the pass today is extremely limited, but the Fluctuation in those hours is still very large, from a minimum of 45,000 points to 47,000+. Now that the facts have landed, let's pay attention to what will happen next
As for the listing period of ETFs, there are all kinds of things to say now, but authorized participants and initial funds should be able to participate in the trading system soon, and Grayscale may be the fastest to be listed, because he already has a ready-made one. When and how the funds will flow in after the real listing, the important means of profit for these institutions that issue ETFs is the handling fee or management fee, so expanding the scale is the first thing, and now it depends on how they attract business.
I think it's definitely not that simple, or compare the trend of the gold ETF after the passage of the year, when the month after the adoption is still still rising, but the last two months are more bleak, about 10% of the adjustment Bull Market Left and right, the trend before the passage is basically the same, I think the nodes of these two ETFs can basically be used as a reference, so the next month or the month before the Halving is very likely to be the adjustment period, and then there will be a sea of stars Bull Market opens.
In terms of the market, the second pie still continues to strengthen, the capital conversion rotation is indeed fast enough, the Exchange Rate is now back to 0.055 again, in the long run, the really reasonable Exchange Rate level is really about 0.06-0.07, maybe there is still room for 10 points, but now it is difficult to judge whether the second pie has just begun or just a supplementary rise. Because from October, counting today's increase in the second cake, it should actually be not much different from the Big Pie. The only thing that can be more clear is the hype of DENCUN (Cancun) upgrade, the main favourable information of the hype object is still L2 and L2 ecology, the hype of this sector should not be over. However, some small Market Cap ecosystems still have to go to small institutes or on-chain nuggets.
We are fortunate to have the opportunity to witness this historic moment together, and I hope to witness more moments that will go down in history with you in the future.
Today's Panic Greed Index: 76 (Greed)