For the immediate short-term window of approval dates January 8th - 10th, everyone is hyped up with the craze that approval is coming but what if I were to tell you otherwise, would you still keep reading to find out my strong points? Let's start with a familiar name;

BlackRock

BlackRock, Inc. is an American multinational investment company. It is the world's largest asset manager, with $9.42 trillion in assets as of June 30, 2023. Headquartered in New York City, BlackRock has clients spanning over 100 countries around the globe.

Now that was brief! Anyway, going on, BlackRock initially intended to make a purchase of $10 Million worth of BTC on January 3rd, as a seeding in anticipation of its Spot Bitcoin ETF approval imminent but went on to move the date to January 5th, still in anticipation of a spot Bitcoin ETF approval. Before I go on, I'd like to add, that a purchase would automatically imply that their ETF will be approved, why do I say this? I'll tell you a short story, actually a rumor and we all know that rumors do have some aspects of truth in them, or maybe it's just my idea.

On the 3rd of January,2024 Bitcoin dropped by 9% from a high of $45,500 to a low of $40,750 on Binance spot. What is significant about this date, do you remember? It's the date the asset management giant pointed out to make their seed purchase of Bitcoin. So you wonder, instead of an increase, why a fall in price? It's simple, they changed their minds. You'd wonder, did they say the reasons for that? Absolutely not. Just moved the date to January 5th, so then what really caused the drop in price like that, an hourly big red candle -you'd wonder. It's simple, retail investors were anticipating the BlackRock purchase and hoping to make a profit from them but as the purchase didn't happen, we saw a shift in the purchase date instead which sparked a controversy about the approval of the Bitcoin ETFs. Will it happen in the said time window? For now, no one can really tell, but a technical indicator you can use to determine that is BlackRock’s seeding purchase. We literally just created a new indicator in the crypto space to last us a while.

Now, what is my concern? I'll tell you; the price drop on the 3rd of January 2024 is significant for a few reasons, still on the obvious I already established that the seeding can serve as an indicator for approval, I believe at the end of today, we are not going to see a Bitcoin purchase from BlackRock. You might see this article a few days later and still not see a purchase, I want to let you know this is solely my opinion and not financial advice, but nonetheless, a BlackRock date shift or refusal for a public purchase of Bitcoin will automatically mean that the ETFs would most likely not be approved come the given time-window for approval. Now, I might be wrong and everything works out perfectly, great! If not, this is just a reminder that you should best prepare yourself ahead for a volatile market starting today.

Now you might say the SEC has run out of excuses to give as the bloomberg analyst -James seyffart hinted, I can still go ahead and state the countless times in history when everyone was fixated on a thing going up and to the dismay of the entire public, it didn't work out as expected. Should we talk about the stock market crash of 2015? Or the recession of 2008? Or no, let's talk about the real estate bubble of the early 2000s? I can keep going, or maybe I should bring it home. Should we talk about the Mt.Gox exchange collapse of 2014? The FTX era? We should definitely talk about the Mt.Gox exchange collapse in our next discussion. This is just another type of craze that has run wild into the crypto space and this information should serve as a wake-up call for you to be ready for anything.

As always, your favorite crypto journalist, Clever Abaribote. See you soon.

Sources : photo credit

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