It cannot be priced in.

Seen lots of talk about whether the Spot ETFs are priced in or not. They cannot possibly be priced in.

The "Approvals" CAN be priced in, because it is the same recycle capital in the market.

Once the Spot ETFs launch, however, a completely new buyer enters the scene. This is brand new capital that desperately wanted to enter the space, but couldn't due to no regulated bitcoin security existing. Now with these Spot ETFs, this financial vehicle will be born. So TLDR: The actual LAUNCHES cannot be priced in. This is a new paradigm we are about to enter in terms of Bitcoin adoption/securitization.

And the same thing applies to when the FASB Fair Value Accounting rules kick in, in Q4 2024 (I've heard that some companies could get this rule change applied for them early access). Not. Priced. In.

Credit goes to Dylan LeClair on Twitter for the image.