Aug 23 ETF Deadline...

[exstasie]

Sell or HODL before Aug 23? Thoughts on the impact of the BTC market ? Will it be approved or rejected...?

We're gonna play this game all year, aren't we? I see price is trudging upwards heading into the decision: is this another "buy the rumor, sell the news" situation? That's what it looks like, unfortunately.

I think to myself, "Can the market really be dumb enough to keep falling for this?" Then I remember all the times China "banned Bitcoin" and the market subsequently sold off.

[adaseb]

I've been awaiting all these ETF decisions from years now and starting with the Winkovoss ETF and its always the same story.

At first it gets delayed... then delayed again... then delayed again and then when its out of delays.... it get rejected.

Sometimes its rejected early and sometimes right at the last minute. However its always rejected.

I think 99% of people know it will get rejected but the whales are using this opportunity to allow market manipulation. Basically what happened about 2 weeks ago with the CBOE ETF delay, I think BTC lost almost $1000 2 days later after the delay...which we all knew was a given.

[wuvdoll]

Sell or HODL before Aug 23? Thoughts on the impact of the BTC market ? Will it be approved or rejected...?

Hmmm...

I am a believer in HODLING... been doing so since the market crash... but if it is rejected, won't it have a pretty nasty impact on the market?

https://www.coindesk.com/sec-faces-thursday-deadline-for-proshares-bitcoin-etf-decision/

I say hold for now, bitcoin is already quite cheap comparatively speaking. And we do not have any ETF right now to bitcoin's name so if etf gets rejected that means we still don't have any ETF with bitcoin as well. Nothing changes in our life it gets rejected. Moreover, if it gets accepted that means there are BILLIONS of dollars put into bitcoin which will increase the price insanely. So there is actually nothing bad that could happen with this, either we continue as we already are, or we go up, not downside. Considering price is also insanely low than there is no reason not to hold, even buy more at this point.

[El duderino_]

but if it is rejected, won't it have a pretty nasty impact on the market?

last one that got rejected was from Winklevoss brothers and that was hyped up and price fell a little, there was no "nasty impact" and that drop was mainly because the FUD was telling people ETF was rejected completely and it is is the end of the world

this new one is not even heard of. its rejection shouldn't even be heard. not to mention that people are starting to be convinced that ETFs are never going to be approved by SEC. and i think this upcoming rejection is a good thing because it will make more people believe ALL of them will be rejected soon.

yeah after a rejection it will get less and less impact just like the china FUD nothing has a real impact on BTC it are just tools to get the price lower

[nl247]

I have been researching this topic a bit over the last few days.  Most people think this one will be rejected by the SEC.  Most also believe this one is not as viable as the WinkVoss proposal.  Not sure how the markets will react. 

I really do not expect the market to have any strange behaviour based on any ETF proposal rejection. As far as I am concerned, the market is still in a downtrend and it is meant to still find a bottom eventually anyway, and from the sentiments in the market, we all know it is very bearish whichever way.

This may fuel it up a little bit or not, but there is no point laying so much emphasis on the ETF proposal like it is actually what would make the market what it would be eventually. Probably, it may be used by some to generate FUD in the market, but what is important for me and what has been important is picking the dip once it arrives like a hungry lion.

[stompix]

yeah after a rejection it will get less and less impact just like the china FUD nothing has a real impact on BTC it are just tools to get the price lower

I'm getting so tired of all this ETF talk, all the hype and the fud as it's exactly China bans BTC all over.

Personally, I'm at the point where I don't give a damn anymore, just reject them all for good and schedule the next hearing in a century or approve them all so we can finally have some peace....until the next big thing comes up and we're going to get glued to the screens again....

I have no sell orders no buy orders and even if it goes up or down 10%-20% I'm planning on not giving a damn, just opening a beer and enjoying another closed chapter of this neverending saga.

[timerland]

I doubt that the ETF will be approved, just based on the countless others that have been rejected beforehand.

I don't think that the rejection will have much impact, if at all, in the market. The market has grown insensitive to ETF approvals in general, simply because there has been so many of them being rejected in the last year or so.

The last one didn't have any impact. And even though people thought that prices were going to tank after the ETF got rejected, it didn't. Obviously, if this one got approved, it would likely cause a rally within the market. But the prospects of that is slim, imo.

[gentlemand]

Three applications dead in one stroke -  Direxion, Proshares, Graniteshares.

Only one of them was on its final deadline, the rest could've been extended. These were all futures based ETFs I believe. No great loss.

https://www.coindesk.com/ftc-issues-warning-on-bitcoin-blackmail-scams/

The wording is identical for each rejection. The Vaneck ETF does nothing to address the reason for rejection either.

[svendoto23]

Sell or HODL before Aug 23?

I'm a solid holder so it doesn't matter to me whatever will be the outcome of this proposal.

Thoughts on the impact of the BTC market ?

As expected, this is going to bring in confidence and will attract more investors.

Will it be approved or rejected...?

Who knows? let's just wait for the final result, if it's approved then good but if its rejected, good as well as expected.

Why does everyone are into this ETF when it won't really affect the bitcoin's market price. If ever it will be approved the holder/company who has the ETF bitcoin will surely get the upperhand. Of course it will help citizens from the use who are not applicable to buy or invest on bitcoin will have the chance to get it as a stock but not as a currency like anybody does here.

[gentlemand]

Why does everyone are into this ETF when it won't really affect the bitcoin's market price. If ever it will be approved the holder/company who has the ETF bitcoin will surely get the upperhand. Of course it will help citizens from the use who are not applicable to buy or invest on bitcoin will have the chance to get it as a stock but not as a currency like anybody does here.

There are ETFs that hold bitcoins. More demand means they have to buy more of them to hold for customers. Those ETFs would have a direct effect on the market.

[adaseb]

There is a website you can go to and you put in your email and it alerts you of an ETF approval or denial.

Basically I think it came like 2-3 minutes too late and at 22:03 GMT the dumping already started.

However basically it would of not helped you because by the time you got the alert, and logged into your exchange to sell the price already dropped and since then has actually rallied.

Basically it makes it look like this ETF denial was nothing but a bear trap.

[Ted E. Bare]

Yep. I do not believe the ETF statements have much influence on the price.

[pitiflin]

Sell or HODL before Aug 23? Thoughts on the impact of the BTC market ? Will it be approved or rejected...?

Hmmm...

I am a believer in HODLING... been doing so since the market crash... but if it is rejected, won't it have a pretty nasty impact on the market?

At least 3 ETFs have been rejected and people still think that there is a chance. And yes, if it gets rejected(I believe it has already been) , it would have a negative impact, even though it shouldn't. Who is to convince the fucking dumbasses that an ETF is not related to bitcoin directly. Its just a piece of paper.

Worse part is, there's going to be a crash in midst of a current bearish run. Wonderful! 

[irsada]

Yep. I do not believe the ETF statements have much influence on the price.

even if you don't believe it, but the impact on bitcoin on ETFs is clearly a significant change in value. and I think everyone hopes that the real ETF will be approved.

[yndye]

Personally, I'm at the point where I don't give a damn anymore, just reject them all for good and schedule the next hearing in a century or approve them all so we can finally have some peace....until the next big thing comes up and we're going to get glued to the screens again....

Better focus on the price action after the announcement than the before impact so that you will know what your next move will be. News base trading is risky for me and I prefer to just trade base on technical analysis since it would give me an idea of when to buy and to sell. It may not work in my favor all the time but at least I know what's my next move will be wherever the price will go. Crypto market has so many trading opportunities because of its volatility.

[exstasie]

Why does everyone are into this ETF when it won't really affect the bitcoin's market price. If ever it will be approved the holder/company who has the ETF bitcoin will surely get the upperhand. Of course it will help citizens from the use who are not applicable to buy or invest on bitcoin will have the chance to get it as a stock but not as a currency like anybody does here.

There are ETFs that hold bitcoins. More demand means they have to buy more of them to hold for customers. Those ETFs would have a direct effect on the market.

Which ones are those?

As I understand it, these are locked funds. Once their structures are approved, they have a set number of shares to issue and supply won't change at all. After all, they need to track the spot market. Arbitrage is supposed to prevent any need to increase the underlying supply of the ETF. It's not supposed to be an isolated market.

But that's the rub. Arbitrage is supposed to decrease tracking risk, but it doesn't eliminate it. This is one of the legit reasons to deny Bitcoin ETFs. There are liquidity and tracking risks that are being ignored by applicants, and those have real implications for prospective investors.

[pooya87]

but if it is rejected, won't it have a pretty nasty impact on the market?

last one that got rejected was from Winklevoss brothers and that was hyped up and price fell a little, there was no "nasty impact" and that drop was mainly because the FUD was telling people ETF was rejected completely and it is is the end of the world

this new one is not even heard of. its rejection shouldn't even be heard. not to mention that people are starting to be convinced that ETFs are never going to be approved by SEC. and i think this upcoming rejection is a good thing because it will make more people believe ALL of them will be rejected soon.

Great so lets get ready for the "little" dump and nothing else. I believe that will also come from the people who are "too panicked" and doesnt understand what does it take to hold the bitcoin in place.

One thing is sure, whatever might be the decision of ETF, the rest of the world is not going to wait after that day and everyone may just start to crawl in slowly so that the market will get to recovery zone.

Just thinking that way until now.

well as you can see today, these "little dumps" are too little for regular investors to want to benefit from. they are only suitable for day traders who are too hungry for any small change that can give them a small profit. and so far the effects of ETF rejection is dwindling for good

[Phenoca]

Pieces of paper are what distinguish between legal and illegal, private property and public resources, signed contracts and empty promises.

Fractional reserve banking is the economic power base of many federal governments. Governments cannot afford a consumer-exodus away from fiat. This is why gold-backed currencies are swiftly and violently eradicated. Yet bitcoin is too decentralized to be destroyed with brute force. ETFs and licensed exchanges give government oversight over investors. They can allow law enforcement to freeze criminal assets, and auditors to track finances. There is more transparency, flexibility, and accountability than a trustee-held wallet. I believe that big banks want to corner the market and destabilize the price of bitcoin, in order to prevent a breakthrough from destabilizing the economy. Everyone is worried about inflation, and bankers know that hyperinflation can destroy a country. If banks cannot corner a market then they need to diversify their assets to protect the purchasing power of the fiat they issue. Owning bitcoin mitigates the risk of a bitcoin breakthrough, and at the same time allows bitcoin to be incorporated into the fractional reserve system as collateral, allowing governments and banks to maintain their leverage over the national economy. Hedge funds have more buying power than independent investors. A group of banks can 'issue' out much more fiat than they actually own, so their buying power is very, very high. In the short-term, this is good. In the long-term, it may lead to stifling regulation and increased volatility, because banks want a monopoly on merchant-transactions.

Edit: I believe some ETFs were already approved since February? Nasdaq NextGen Economy (BLCN) by Reality Shares, Transformational Data Sharing (BLOK) by Amplify, First Trust (LEGR), and for Canada there’s Harvest Portfolios (HBLK) and Evolve Funds Inc. (LINK). Who were they approved by?

[sunanbonang]

this has happened at this time, the SEC rejected 9 bitcoin ETF applications. the market returns red and the price of bitcoin falls like a rock. it looks like things are getting worse.

[STT]

Don't we have many etf rejection before? Does that have any real impact on market? I think no not any recognizable and right now bitcoin is still under oversold position so going any large dip from current price range is quite unlikely even if there will be really bad news for crypto.

I think it's still a buy time and gonna buy more if price will dive below $6k again.

I'm thinking back to March 2017, so long ago        Yes in percentage terms that was a big blip on the graph but it was only short term news.   It doesnt really matter because most of the people who even know about the ETF dont imagine it will sail through easily and the other half never thought it had a chance in any case.

So long ago this didnt matter compared to an overall trend and now what seems years later we are still dragging out the same news, repeated and just as unlikely to pass, now I dont see it having as much effect as people imagine.

While we stare at this news headline the actual story of the underlying market is going by unnoticed.   I dont know what that story is, maybe some government change maybe some new kind of usage for the blockchain.   Not sure but the real news is not this ETF, its only what people are speaking about most which is another dynamic.

There is the conscious change and the unconscious market drift that occurs while we look past it, then one day the ground has moved beneath us