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⚡Global Spot Bitcoin ETFs Reach $4.16 Billion🌀

Croxroad

04 Nov 2023 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🤯 Spot Bitcoin ETFs Soars to $4.16 Billion

Global assets invested in exchange-traded funds (ETFs) linked to the spot price of Bitcoin have now reached a substantial $4.16 billion, as reported by CoinGecko, a Digital data and analysis company. Notably, a significant portion of this, approximately $2 billion, is allocated to the seven spot Bitcoin ETFs introduced in Canada since 2021. The largest of these, the Purpose Bitcoin ETF, boasts an impressive $819.1 million in assets. In contrast, the U.S. has only approved ETFs tied to Bitcoin futures contracts, with ProShares Bitcoin Strategy being a prominent example with around $1.2 billion in assets. However, many in the industry argue that futures-based ETFs are an imprecise and more costly way to track Bitcoin's performance, advocating for spot-based ETFs. The U.S. Securities and Exchange Commission (SEC) is currently reviewing around 10 applications for spot-based ETFs, but thus far, they've expressed concerns about investor protection and market manipulation, leading to denials. This situation highlights the ongoing debate and anticipation regarding Bitcoin ETFs in the financial space.

The introduction of Bitcoin exchange-traded funds (ETFs) has seen varying responses from regulatory bodies around the world. Germany led the way with the ETC Group Physical Bitcoin ETF in June 2020, which has now grown to amass $802 million in assets, becoming the second-largest Bitcoin ETF. Meanwhile, Europe has seen the launch of seven other ETFs, with most being incorporated in tax-friendly jurisdictions like Jersey, the Cayman Islands, and Liechtenstein. There are also smaller offerings in countries like Brazil and Australia. While it's still uncertain if the potential U.S. spot Bitcoin ETFs will surpass their Canadian and German counterparts, estimates for the size of the U.S. market suggest first-day demand could reach $1 billion or more, sparking intense debate and anticipation.

🐹 The Hamsterwheel in your mind

In the fascinating world of Bitcoin, where financial complexities often dominate discussions, there's an intriguing yet often overlooked facet that holds the key to success: the connection between the mind, body, and Bitcoin. Rob Brinded, a mind-body specialist who has transitioned into a passionate Bitcoin advocate, serves as a captivating guide in this journey. His story reflects the diverse paths that lead to Bitcoin enlightenment. He doesn't merely see Bitcoin as a financial asset; to him, it's a reflection of one's relationship with the world. Bitcoin, in Rob's view, is a journey within, a transformative tool that challenges conventional financial wisdom and encourages introspection about money and ownership.

Rob Brinded also introduces the concept of the "hamster wheel" in his interview, describing how many individuals are trapped in conventional thinking, working to earn a paycheck, and never questioning the system. In contrast, Bitcoin represents a way to break free from this cycle. Rob emphasises the importance of adopting a long-term perspective, recognizing Bitcoin as a store of value that challenges our impulsive culture of quick gains. He encourages investors to understand that Bitcoin's significance goes beyond its price and that even small Bitcoin holdings can be immensely valuable. This perspective advocates for financial inclusion and empowerment, regardless of one's wealth status. In conclusion, Rob Brinded's insights go beyond Bitcoin's monetary aspects; they invite us to free ourselves from the constraints of the mental hamster wheel, embracing financial sagacity and personal empowerment.

Stay tuned for the release of this insightful interview on our podcast, 'Croxroad.' Rob Brinded's wisdom on the intricate connection between the mind, body, and Bitcoin, along with his unique perspective on breaking free from mental "hamster wheels'' and embracing financial empowerment, promises to be a thought-provoking exploration that could reshape your approach to Bitcoin and life itself. Don't miss the opportunity to unravel the profound connections between mindset and the world of Bitcoin on 'Croxroad.'

💹 Bilateral Chart

Bilateral chart patterns might sound a bit confusing, but they're actually quite simple. They signal that the price can go in either direction, which makes them different from the usual one-way patterns. Triangles are a classic example of bilateral patterns, where the price can break either upwards or downwards. To trade these patterns, you need to be open to both possibilities. You can place one order above the pattern and another below it. If one order gets triggered, you can cancel the other. It's like having twice the chances for a successful trade! Just be cautious not to set your entry orders too close to the pattern's top or bottom, as you might end up with a false break. Double the possibilities, double the fun, but also double the care!