ETF Decision Deadline is at 13th not 11th March! Ideas on how to Take Safe Profits
As we are all aware there is Bitcoin ETF approval by SEC incoming at 11 March...
Hold it! This is wrong! It was counted bad..
The actual date is 13th March for The Bitcoin ETF!
Thats How The Mistake Was Made:
ETF has to be declined or approved (non-declined by date means auto-approval) by 180 Days from Publication in Federal Register which due to weekends on the dates ends at 13th March - Monday instead of usual 11 March date that everyone expected. This is due to some rules in SEC books about final decisions on weekend.
How To Take Profits
If you believe it will be approved or not you can just buy or sell Bitcoin right now, but if you want to spread the risk or do other things here is few ideas.
Register to BitMex and OpenLedger NOW.
This sites we will be using for leverage on the method.
Bet Against Approval but Hold BTC
On BMex and OL go into Bitcoin ETF Tabs and bet against Approval (red side - short it) yet buy BTC.
This way if its not approved you win money, your BTC may loose some value but you will still hold same amount of BTC + those that you won.
If its approved you loose money from bet but BTC goes up (predictions of up to 3000 USD) so you are still in the green.
Bet For Approval but Sell BTC
Exactly the opposite, especially good on OL since there you can bet with STEEM, BTS, BitUSD and OBITS, not just BTC.
https://openledger.io/market/ETFBTC_BTS Example market link for Bitshares
Bet For Approval but Short BTC
Dont hold enough BTC to matter? On BitMEX bet for Approval in the prediction market but on normal BTC market do a sell with leverage in this example i use 100USD and x25 leverage.
You just choose the price, amount of USD (you send BTC there not USD, do not worry!) and click buy (long) or sell (short).
Bet For No Approval but Long BTC
Exact same method as above just opposite betting. You can also user other leveraged exchanges for the shorts to even out risk of 1 exchange going down on bull run, ie SimpleFX or 1broker which have nice interfaces and look good.
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Thanks for the info about the date. What time are these things usually announced. Would it be early morning 7am est?
Im not good with this USA/EU timezones so dont want to give wrong date, it will be listed on the .gov page
Saw this news and just did not feel like blogging on it LOL, so tired.
Got in another 100% vote for you and beat the bot buddy!!!!
Thats why the "news" are very short, most of the post is about how to hedge betting on this ETFs outcome
Sure was not expecting SEC to be working on the weekend.
Still most sites were giving this date and had to change contract dates now
I would just add a disclaimer. As someone who is very familiar with Bitmex, you have to trade here super carefully.
Bitmex Bots like to REK people. They are infamous for it.
So if anyone here chooses to do the Bitmex thing, set sells as soon as you buy, to lock in them profits if it hits.
And vice versa.
So you dont loose all your bitcoin. Set tight "Stops" so if price goes against you, you can get out with a small loss.
Bitmex is Russian Roulette... and 99% of people get killed quickly on Bitmex.
How the ETFBTC will react on Bitshares PM, if it is set on March 12.
Is it now possible to edit these conditions?
Luckily it was set at 13th as precaution right away :)
Thanks for the update. Time to check GBTC in 2 hours.
Let me know if you see something interesting!
Interesting is GBTC is up while rest of the market is mostly down.
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Just hold the bitcoin. You will thank me at the end of the year. This ETF isn't going to shake the price of bitcoin much. Even disabling China withdrawls was barely a flash in the bucket.
Has anyone looked at what time of day they typically approve etfs?