Good Morning and Happy Approval Day from Cumberland APAC! The SEC, for real this time, has approved eleven spot BTC ETFs, and trading will begin on Thursday. It’s a historic headline, and absolutely signals a start to a new era in digital assets… but we’re here to talk about price action.

Over the past month, the market had become increasingly confident, and the narrative shifted from “Will an ETF go through?” to “Is it priced in?” By the time the announcement actually came, the market reaction was fairly muted; BTC is actually currently trading lower than it started the week. This suggests a disappointing reaction, bordering on “sell the news”, but I would suspect that it’s too early to make any conclusion, because the ETFs have not...