The fact that Bitcoin reached a new ATH before the halving, unusual for its typical bull market performance, is because of the SEC approving 11 BTC spot ETFs in the US. Never before have we witnessed such a price performance from Bitcoin. Hence, this cycle, in my opinion, is a bit more aggressive than the previous ones but will also be shorter-lived.

We are four days away from the halving, and we have the announcement that Hong Kong has approved the first batch of spot Bitcoin and Ether ETFs in a drive to become a crypto hub.

Hong Kong is a special administrative region of the People's Republic of China. It is not mainland China, thus the severity and harshness of communist living from mainland China does not apply here. So, let's see what all this is about?

>China Asset Management, a major Chinese asset manager, said that its Hong Kong unit has received approval in principle from the Hong Kong Securities and Futures Commission to offer retail asset management services related to spot crypto ETFs. It plans to issue spot bitcoin and ether ETFs in collaboration with OSL and BOCI International. OSL said it will act as the "first virtual asset trading and sub-custodian partner" of China Asset Management for the upcoming ETFs.


![2bP4pJr4wVimqCWjYimXJe2cnCgnBtAqes2h74zCyNW.jpg](https://files.peakd.com/file/peakd-hive/acesontop/Ep3duFHDBYuFtQWtR4hmFP2i9aeEyyw4R2xm3c3LDc2uUYi19gUd88VbvQd8Be82HiZ.jpg)


>Harvest Global Investments’ two spot crypto ETFs have also received in-principle approval from the SFC, the firm said in a statement. It added that the two ETFs will be issued in collaboration with OSL, which could effectively address issues such as excessively high margin requirements. "In this collaboration, OSL leverages its robust infrastructure to provide a secure trading environment essential for the ETF's operation, managing the underlying assets with precision and reliability," OSL said in a statement. 
[source](https://www.theblock.co/post/288237/hong-kong-approves-first-batch-of-spot-bitcoin-ether-etfs-in-drive-to-become-crypto-hub?utm_source=twitter&utm_medium=social)

China could not lose its grip on Bitcoin as it becomes stronger and stronger as a virtual asset, not so much as a store of value, as we have witnessed with the latest Iran-fueled FUD over the weekend. Despite having banned Bitcoin entirely for the plebs living in the mainland, it seems that wealthy motherfuckers will have exposure to Bitcoin and ETH through these spot ETFs approved in Hong Kong.

I don't know how many realized how bullish the combo of these spot ETFs, combined with the halving, will be for the crypto market. Several hours after the announcement came, and the market is already on fire. Imagine where the whole market will be by the end of the year with US spot ETFs combined with Hong Kong ones accumulating BTC while the fresh supply coming out of the miners' hands is shrinking in half as of the end of this week.

I can only imagine the euphoria, daily price rallies, and our portfolios going bananas in the next few months to a year. The hardest part of the bull market is coming. Doing nothing while everything goes ballistic is going to be such a challenge.

However, not doing anything and letting the market do its thing, as it does in every euphoria phase of the cycle, has to come to an end at some point. Personally, when my portfolio starts getting to unbelievable numbers, I will gradually get my ass out of the market because I am not planning on making the same mistake I did back in 2017 and 2021.

We are nowhere near peak euphoria in the market. This phase of the cycle will begin soon after the halving, and it will be mad. The road from $70,000 to $100,000 will be such a short one, and insanity will be the norm for alts in the following months to a year. Then, all of a sudden, everything will crumble, the real numbers of the shitty economy will surface, markets will plunge, and the damn recession will be in...

Have fun and take profits until that happens.

*Thanks for your attention,*
*Adrian*