I woke up this morning, opened my phone and saw that it was blowing up. News that Blackrock's iShares Bitcoin Spot ETF got approved were circulating. Bitcoin literally popped right up to $30k.
Even before going to bed the night before, I saw BTC pop up to $28k. A little pissed, I checked my limit orders and found that they hadn't gotten filled.
ICYMI, I talk frequently in these blog posts about dollar-cost averaging. I am a buyer of Bitcoin on a daily basis.
about $1k of buying per day. Mix of WBTC and BTC.
Since dipping below $30k, I have been steadily buying about $1,000 per day of BTC. I am prepping for March 2024 when I think we'll see some bullish action in the crypto market. Time to prepare our bags for the next cycle, frens. As you'll see later in this post - and the core topic at hand - I still feel like I don't have enough Bitcoin. I'm stretching now to get as much as I can and the events today taught me a really important lesson that you should learn too.
$65M Fakeout
Right now, it's unclear if Cointelegraph's main X account was hacked or if an intern posted it but that is where the news originated. The western world woke up at 8 AM today to news that the Blackrock Spot ETF was approved:
After this was posted by Cointelegraph, I saw literally every Crypto Influencer posting on X and saying that the ETF was approved. Bitcoin immediately jumped to $30k and I thought we'd see $40k by the time I got to my computer.
Even I fell prey to it:
But... by the time I made it to my office and sat at my computer to find out what was going on, I learned that the news was fake, originated with Cointelegraph and then everyone started playing a demented game of telephone, relaying the news throughout Crypto twitter like there was no tomorrow.
According to Watcher Guru, $65M+ in shorts got liquidated. We gave back the entire move. Judging by the huge buying volume last night, I personally feel like this was a short squeeze that was methodically planned.
It's so simple to print money in crypto:
- buy
- release fake news that everyone's waiting to hear (spot ETF news, right now)
- shorts get liquidated, price goes exponential
- sell
- short sell
- ppl find out it's fake news, dump happens
- cash in shorts
- retire to some island
Of course, you either need to hack a major crypto news outlet or just pay someone off to post the fake Tweet. I guess we'll never know! Cointelegraph says they're conducting an internal investigation to find out what happened.
Reminder of the Cycle
News. Remember the variable in every cycle? The news starts to heat up. Everyone is sitting on the edge of their seats. Any amount of positive news and we immediately surge upwards. Negative news? We tank downwards with a fury.
We are starting to enter that stage of the cycle in my opinion. The news volatility is going to be insane. The only way to survive is to load up your long-term bags, hunker down and wait for an exit price that you predetermine and stick to.
A More Important Reminder
Do You Have Enough Long Exposure to Bitcoin? | Fake Blackrock News Shocks the Market
This was the biggest takeaway for me from what happened today. As soon as Bitcoin skyrocketed to $30k and I saw the news, my first thought was "I don't have enough Bitcoin"
Despite buying it for years, I have never felt like I had enough Bitcoin. This is the time to accumulate. We are still before the institutions, pension funds and massive capital players. We have some time... but not much.
The news cycle today was a real-life fire drill. The fire drill showed me that I don't have nearly enough Bitcoin to be happy for the Bull Run that I believe is going to happen any time in the next 6-18 months.
Time to keep buying. Maybe I'll double my DCA efforts and really send it.
Do You Have Enough Long Exposure? Drop a Comment Below!
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