In January 2024, at long last, multiple bitcoin ETFs were approved by the US Securities and Exchange Commission. It’s been called the most significant move in bitcoin history since its inception. The floodgates finally opened for institutional investors…and then, nothing happened. Their lackluster response was a huge shock to the crypto community, but not to all of us. Some of us were expecting it. Why didn’t bitcoin react when the ETF was approved? Nobody knows the whole picture, so the best we can do is speculate based on small pieces of the puzzle. Here’s one possible narrative explaining the last rally, the ... (full story)