⌐◪-◪ → I’ve said this before, and I’ll say it again — there’s a dark side to the spot Bitcoin ETF approvals.

BlackRock and Fidelity each hold over $1B worth of Bitcoin in their newly approved spot Bitcoin ETFs. That’s not a lot in the grand scheme of things, with Bitcoin’s market cap at $804B; however, we’re only 1 week in.

More likely than not, Wall Street’s cumulative position will continue to grow — taking Bitcoin from the hands of individuals and putting it in the hands of suits/banks/institutions — back to the status quo.

This really begs the question: Do the newly approved ETFs mean Bitcoin is taking over Wall Street, or is Wall Street taking over Bitcoin?

Let us know what you think in Specs Chat!

⌐◪-◪ → Looks like the SEC is slow-rolling us, yet again, on the approval of a potential spot Ether ETF.

The SEC’s deadline to make a decision was today, but they are demanding more time to think it all over.

The folks over at JPMorgan give the spot Ether ETF a less than 50% chance of approval by May.

Meanwhile, Ethereum’s correlation with Bitcoin has dropped to its lowest levels since 2021 as the market bets on an eventual spot Ether ETF approval.

Personally, all I can think of is: if Gary hates Bitcoin, then he must really hate Ethereum.

If you want to dig into this more, check out Bankless’ thread.

⌐◪-◪ → Most people don't realize this yet, but there's a race happening between global superpowers over who will be the dominant force in crypto.

It's like the industrial revolution, the nuclear arms race, or the dawn of the internet all over again. Everybody wants to use the technology to propel their country to first place in the global economy.

Hong Kong's focus on fast-tracking the approval of its own spot Bitcoin ETF is — in my opinion — a clear acknowledgment of what I'm dubbing The Great Crypto Race (if you have a better idea, LMK in Specs Chat).

Similarly, the Office of the President in South Korea has urged regulators to reconsider spot Bitcoin ETFs — likely for fear of being left behind.