Wall Street, for the sake of Bitcoin, please don’t sell!

Yesterday, all 11 spot ETF applicants, including BlackRock and Fidelity, submitted revised 19b-4 documents before Friday. This situation suggests that the cryptocurrency market is about to have a big moment for the Bitcoin spot ETF. If the Bitcoin spot ETF is approved, the market expects institutional funds to flood into the Bitcoin market, further pushing up prices.

Bitcoin Magazine CEO: Don’t Sell Bitcoin

Currently, spot ETFs that are undergoing SEC approval clearly require the use of a “cash purchase/redemption model.” Under this model, authorized participants (APs) create or redeem shares of the Bitcoin Spot ETF in cash. This means that authorized participants provide cash to the ETF fund, which is then used by the fund manager to purchase Bitcoin. Fund managers in major institutions use cash as a medium of transaction to create or redeem ETF shares, ensuring the liquidity of ETFs and the accuracy of fund portfolios.

As the critical moment approaches, Bitcoin magazine CEO David Bailey issued a tweet today (7th) calling on all investors holding Bitcoin, hoping that they will keep holding Bitcoin and not Easily sell it to a Wall Street behemoth. He believes that Wall Street behemoths should pay a high price to obtain these Bitcoins. Doing so will not only protect the rights and interests of investors, but also better reflect the value of Bitcoin.

David Bailey then tweeted again, emphasizing that "If you want to make money, you should buy Bitcoin!" His tweet demonstrated the firm belief of long-term Bitcoin holders in its true value.

“Bitcoin holders have weathered unintentional hard forks, countless investment scams, the collapse of the MtGox exchange, three bans in China, the closure of the Silk Road Market, the The block size civil war, four price drops of up to 80%, the collapse of the Bitcoin lending market, the FTX Ponzi scheme, and more. After all this, do you really think that just because an exchange launches spot ETF, will we sell our Bitcoins?"

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