The opportunity to buy at the bottom is always short-lived. Overnight, Bitcoin continued to rebound strongly and rose again to above 26k. In just two days, Bitcoin rose all the way from 24k to 26k.

In the past few days, when Gensler (Chairman of the US SEC) was wielding the regulatory stick, Yellen (US Treasury Secretary) was about to issue bonds on orders, and Powell (Chairman of the Federal Reserve) threatened to continue raising interest rates, scaring the market to death, and a large number of people were shouting in unison that the price of the pie is 20,000 or 10,000, have you increased your position when the market falls?

At one point I thought they were shouting a fall because they were scared. Little did I know they were shouting a fall because they were short. The outcome of these shorts was probably liquidation. Without positions, there was no voice. The rush of adrenaline. Animal spirit.

Just as the crypto market was under pressure from the US regulatory stick, bond selling pressure, and the threat of interest rate hikes, one of the world's largest asset management institutions, BlackRock, or BlackRock, took action. Media reports showed that according to documents disclosed on the official website of the US SEC, BlackRock has submitted an application to the SEC for the issuance of a spot Bitcoin ETF!

Wow! The crowd was excited, what a crowd! Excited, not angry. In the past few years, many applications for spot Bitcoin ETFs have been submitted, and the SEC rejected them one by one. This time, everyone began to imagine, or fantasize, whether the guys who applied before were not strong enough? Once BlackRock made a move, we knew whether it was possible or not; if we said we had it, we would have it, just like the stars in the sky.

A few people were excited and took a closer look. Wasn't the big word "TRUST" written on the application form? What kind of spot ETF was this?

It's really stupid that I can't tell the difference between BlackRock and BlackStone. (Note: BlackRock is BlackRock, while BlackStone is BlackStone, two different companies)

It turns out that all the articles in the world are plagiarized, and the media in China and abroad have all got it wrong?

Some enthusiastic netizens and asset management experts also came out to say that everyone should look at the gold trust product $GLD. Its name and structure are trusts, but it is just an ETF. Bitcoin spot is very similar to gold. Both are physical commodities that need to be kept in trust. The key is that this product of BlackRock is very different from GrayScale's Bitcoin Trust GBTC, which has no withdrawal and cannot be redeemed! BlackRock's product can be redeemed in both directions at any time. What else do you need when you can redeem Bitcoin spot?

However, just because something can be exchanged for Bitcoin spot and can be converted into Bitcoin spot does not necessarily mean that it is an ETF linked to Bitcoin spot.

What’s important is that BlackRock, as one of the most influential asset management institutions in the world, stepped forward and made such a move at a critical moment when everyone’s confidence in the future of encryption in the United States was shaken. This has great demonstration significance for supporting market confidence and even reversing the dimming trend of the beacon in one fell swoop.

The institutional bull market in 2021 is not really an institutional bull market. Only a few small players such as MicroStrategy and Tesla have entered the market to make a fuss. The real heavyweight financial institutions that have been preparing for layout since 2019, such as Fidelity, Goldman Sachs, and BlackRock, have not really entered the market in a big way. The premise for these large institutions to enter the market with confidence must be clear supervision, standardization of the industry, and the entry structure (in other words, the profit distribution structure) must be in place. When they flock in, what kind of scenery will we see?

The flowers on the river are redder than fire at sunrise, and the river water is as green as blue in spring. How can I not miss Jiangnan!