We are moving out 30% and going back into 70% $BTC 30% $USDT position. Taking a small loss here due to the ETF bet but we believe that it was worth it. Let’s see how thing play out from here. Likely, another month of sideways action or potential downside before we can see some real reversal

A few hours ago, the SEC rejected spot $BTC ETF. According to the news, Grayscale Investments has sued the U.S. Securities and Exchange Commission (SEC) barely an hour after the regulatory agency rejected its application to convert its flagship Grayscale Bitcoin Trust product to an exchange-traded fund. While things could take months or even years to resolve, it is great to see Grayscale fight back

As a result of ETF denial, $BTC price dropped below $20k While this does not look good, we do not believe it will not go much lower and have decided to wait a bit before adjusting our strategy.

Source: https://www.coindesk.com/policy/2022/06/30/grayscale-sues-sec-over-bitcoin-etf-application-rejection/

We are about to print a confirmed reversal bar on a 4-hour chart and we have decided to move back into the market. We are setting the structure to 100% $BTC ahead of the ETF decision date. As already mentioned, we will start to diversify into other coins after July 6th once we see how ETF things play out

Furthermore, the money printers are about to go brrrr and asset prices will likely start to move up. California already announced inflation relief checks for over 23 million citizens. Looks like countries will fight inflation with even more money printing

Source: https://www.cbsnews.com/news/stimulus-check-california-inflation-relief-payments-23-million-up-to-1050/

$BTC is holding well while more and more positive news are coming out regarding the Celsius and BlockFi outcomes. It looks like they will get bailed out so the liquidation risk seems unlikely. As a result, we decided to increase our $BTC position to 70%

If we continue to trade above 20k, we will likely remove the $USDT hedge over the coming days and go into a 100% $BTC position ahead of the ETF decision date (July 6th). Diversification into altcoins will follow once we see how things, play out!

Reminder

There will be no morning updates from Thursday, June 23rd until Wednesday, July 6th. During summer vacation, we will continue to monitor the market, perform rebalances and share important updates in case there will be some big/important news

Rebalancing the strategy to buy more sub-$20k $BTC  (increasing our weight by 1,39%)!

P.S. we also set a rule to buy extra 3% in case $BTC goes below $19,500 The main reason for this is the fact that the US is again talking about money printing so those prices won't last long. Once money printers go brrr, we will pump hard

https://twitter.com/stillgray/status/1539534589588557825?s=20&t=S1l92A5OChBVkzkfNSXzXw

1/4

Morning update:

Looking at the charts, it looks like the price has stabilized around $20k as the panic selling stopped. Bitcoin Fear and Greed index illustrates this very well as it started to bounce and is now sitting at 11. Was this the max pain or will we dip below 20k for one last time? Only the time will tell, but either way, the bottom is in or very close

P.S. If we do, we will further increase our $BTC position

2/4

Meanwhile, Columbia elected a pro-Bitcoin president who likes the fact that it removes power from the banks $BTC

3/4

BlockFi, the company that got in trouble due to 3AC liquidation, secured a $250 million bailout from FTX 

The $250 million in revolving credit from FTX is expected to keep the company afloat as it works to improve its solvency issues$BTC

https://www.theblock.co/post/153244/blockfi-secures-250-million-credit-facility-from-ftx?utm_source=twitter&utm_medium=social

4/4

Last but not least, Antony Scaramucci’s SkyBridge will file for a spot ETF this week. Just a matter of time before we see approval $BTC