Non-stop rally in bitcoin continues
We’re at the point of the bitcoin rally where distant relatives call me up and ask if they should buy it. That’s a sign that we’re at least in the middle-innings of this rally. When they’re calling me up and telling me to buy it that’s the time to sell.
It’s on an absolute heater right now, adding another $1500 today to $57,100.
On Friday, I wrote about the incredible success of the launch of the first Canadian ETF on Thursday. It was the highest-volume ETF in the country on Day 1 and then traded another 40% more on Day 2. AUM is now up to $421m, which is still smallish in the bitcoin universe but it’s a sign that a US ETF will be very well received (and it’s coming).
I think the trade right now is to HODL at least until the US ETF launch. In the 2017 bitcoin rally, it peaked just as bitcoin futures were launched.