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07 Sep 2023

September Outlook: The market is wrong

The market dramatically underestimates the impact of U.S. ETFs. A slow September favor strategic positioning ahead of an October packed with market-moving events. I favor a mix of increased ETH exposure and conservatively leveraged long exposure in BTC
Opinion Vetle
Preview
The market dramatically underestimates the impact of U.S. BTC ETFs and, in extension, futures-based ETH ETFs. In September, few catalysts await, offering a solid opportunity for strategic positioning ahead of an October packed with market-moving events. I favor a mix of increased ETH exposure and conservatively leveraged long exposure in BTC.

The market is wrong

Bitcoin trades at three-month lows of $25,700. Three months ago, BlackRock’s ETF filing was not yet public. Fidelity and others had not re-filed their ETFs. Grayscale had yet to crush the SEC’s arbitrary and capricious disapproval in the DC Circuit. The last three months have greatly enhanced the odds of an ETF approval, yet prices are far from reflecting this.
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