This represented a ~30% price increase over the week, and a 219% increase in 24-hour trading volume.
So how did it happen?
Well, the SEC just asked some spot ETF applicants to file revised 19b-4 filings, which companies use to propose rule changes to the SEC, ahead of Thursday’s decision.
And when last-minute 19b-4 filings were filed for companies looking to launch the first-ever Bitcoin ETFs, this happened just days before the approvals were granted.
Ok but why? Until Monday, all signs pointed to denial…
The assumption is: politics.
Trump has publicly endorsed crypto lately, while Biden has done the opposite — even going so far as to say he would veto the SAB-121 bill (which would allow banks to hold crypto) if Congress would adopt it.
Good. They’ve gone past it.
And a group of Democrats disagreed by voting for the bill, likely sending a message to the White House that crypto could be a vote-swinging issue this election.
So (again, this is an assumption) Biden called Gary (Gensler, the chairman of the SEC) and told him to approve the ETF.
All that said: We won’t know for sure until Thursday.
…but if it do be approved – we will probably have a Raoul Pal-patented ‘banana zone’ of price increases.