But the big question is how will the market react at the Aug 10 date? Its really a critical day for the crypto world because it will decide if this bull run will continue or another reversal is in the horizon.
Tbh, i think the whole ETF thing is quite overhyped.
I don't think an approval would trigger another 'bull run'. Those would be good news, yes. But not worth another crazy bull run like last year.
I can very well imagine that this hype will be contra productive when either (1) the ETF will not get approved or (2) people realize there won't be a big pump after the approval.
In both of these scenarios a sharp decline of the price is very well imaginable.
IMO it takes a lot more to trigger a real 'bull run' than a simple approvement for an ETF. The most promising event which would trigger a lot of FOMO will probably be the final release of the LN after all of the testing stages and all of the improvements.
Because THIS would really make a huge difference regading technology/usage/scalability/fees. This would heavily increase the value of BTC, which should lead to a sharp increase of the price too.
I second that. The ETF is a nice tool for commoners to access the market but I don't think it'll cause all the fire and fury everyone is hoping for... unless Soros decides to dump 20 kajillion dollars into it or something.
And exactly, there should be more substantial events to add value to the coin if we want to see it moving again. It'll take a big change in how people look at it, and it's uses, to get them to want to jump on the bandwagon. Especially after so much hype last year. After such a drastic spike in prices, I don't think much can bring it back up to that level again. The novelty factor can be quite short-lived of investments.