This marked a ~30% jump in price on the week, and a 219% surge in 24hr trading volume.
So how did it happen?
Well, the SEC just requested a bunch of spot ETF applicants to submit revised 19b-4 filings, which are what firms use to propose rule changes to the SEC, ahead of Thursday’s decision.
And when last minute 19b-4 filings were requested for firms looking to launch the first ever Bitcoin ETFs, it was done just days before approvals were made.
Ok, but why? All signs pointed to denial up until Monday…
The assumption is: politics.
Trump has been publicly endorsing crypto of late, while Biden has been doing the polar opposite — even going as far as to say he’d veto the SAB-121 bill (which would allow banks to hold crypto) if congress passed it.
Well. They passed it.
And a bunch of democrats dissented by voting in favor of the bill, which likely sent a message to the White House that crypto might be a vote-swinging topic this election.
So then (again, this is an assumption) Biden called Gary (Gensler, the SEC chair) and told him to approve the ETF.
All that said: we won’t know for sure until Thursday.
…but if it does get approved — we will likely enter a Raoul Pal-patented ‘banana zone’ of price appreciation.
