Under the guise of regulation the SEC and I believe the Institutions have manipulated the market for their own benefit.
We all know it is going to happen somewhere between now and January the 10th yet the price remains around the 30K mark. If you know something is going to go up why isn't everyone buying Bitcoin and the only reasoning could be that the price is expected to drop still offering one or two more buying opportunities.
I do think this is bitter sweet for crypto in general knowing the centralized institutions are buying up a decentralized product which will make it centralized due to them controlling the numbers as a percentage of ownership.
I do believe this was the plan all along how they can change crypto and make it investable for themselves by making it more centralized. Having Wall Street supply a Bitcoin ETF means they supply shares to that trust and don't officially own Bitcoin themselves and a third party like Coinbase manages that on their behalf. A Spot Bitcoin ETF which Black Rock is proposing means they physically own the Bitcoin and control it without a 3rd party like an exchange.
One can imagine which of these would be more popular with investors as surely physically holding the Bitcoin on your behalf is more like ownership even though you are still not in full control. Self ownership via your own wallet surely is the best option to have and even if it makes you having to do something illegal for now is the answer. I suspect this would only make you a criminal temporarily as this regulation and not being allowed to buy your own crypto in the US has to change eventually.
The not your keys not your crypto saying will never change and why being in early having your own wallets could be a game changer from those that follow. We do not need a 3rd part buying our crypto due to knowing how to do this ourselves and no regulation will stop this.
I do really think the SEC has played too heavy a hand in this on behalf of these institutions and this was all a game from the very beginning with a set ending in mind. The likes of Black Rock and the others are all in on this game and have been buying Bitcoin for some time already. If you are going to offer a spot Bitcoin EFT then why not have loads of Bitcoin on hand making instant profit from the announcement where you could possibly make 2 or 3 x the initial investment value within a short period of time.
BlackRock would have no need to sell there Bitcoin and could inflate the market with the new money that pours in creating more value for their investment purchased at a sub $30K. Their money making racket is based on the services they provide which is purchasing for clients on their behalf. This is nothing more than having control over the prices through pure manipulation which is all down to controls handed to them by a reluctant SEC. the reluctant SEC is what we are all supposed to believe, but I do think they are all in this together manipulating the buying activity going on behind the scenes.