Market Update - May 23, 2024

Jim Bianco says the average size of a BTC ETF trade is about $15,000.

Sounds like what you would expect from Aunt Sally, Uncle Morton, and the Pickleball crew buying a 1-3% allocation from their Fidelity or E*TRADE accounts. Throw in some degens and small, managed funds, too.

What happened to institutions buying billions of dollars worth of Bitcoins?

Some did, just not many.

That will change—but not today, and not all at once. Wall Street ETFs are crypto’s deal with the devil. When you make a deal with the devil, the devil always comes through. Ethereum is next.

While it’s nice that Wall Street has one more way to take over crypto and grab a chunk of our profits, it still controls a small part of the market. Let’s look at the bigger picture.

We can still see constructive behaviors emerging and a significant, swift departure from recent trends. Now, we can add a new crypto posture from the White House (time will tell whether this matters for laws and regulations).

This is a big deal and an unexpected surprise. Today’s update covers these topics:

• Video

• “Just in case” decisions

• Sellers, where are ye?

• But the buyers . . .

• Altcoins

I strongly advise you to read the summary below and watch the video update! You miss too much when you get only one of them!

The rest of this post is for premium readers only.