Unless you have been hiding under a rock, you have likely seen the spot Bitcoin ETF approval drama over the last couple days. Surprisingly, the initial BTC reaction was quite muted, but ETH and ETH proxies are starting to go bananas.
Tomorrow is going to be bonkers. This brief update will present my expectations on how the next few weeks and perhaps months play out.

Short Term Expectations:

As I mentioned in one of my recent articles, the narrative is starting to shift from Bitcoin centered to ETH and ETH proxies, in particular ETH L2s. I have been adding Polygon and Arbitrum in expectation of this shift, and it is certainly not too late to build a bag. These projects have lagged hard over the last few months, and are due not only for a catch-up, but a narrative based rally.
I expect BTC and ETH to moon hard over the coming days, and in the following weeks I strongly believe those gains will flow into altcoins. Get ready for a face-melting alt-season.

Overview:

Coming days: BTC and ETH moon, ETH takes off vs BTC, ETH proxies moon hard.
Coming Weeks: ETH and ETH proxies gain huge ground on BTC, capital rotates down to blue chips and smaller altcoins
Coming Months:

• ETH
• L2s: ARB, POL, IMX
• ETH Proxies: Frax (FXS), BLUR, LDO, Lybra (LBR), etc
• Sadly, meme coins :(
• Dump
• Parabolic run-up after halving.

Conclusion:

Given the monumental developments, and the fast pace of this shift in narratives, I though it important to provide a brief and concise update on my short term expectations. In the coming days I will endeavour to provide a more thorough and analytic discussion on the implications of the BTC ETF approval and some insights into investment strategies for the first half of 2024.
Congrats all on this historic day for Bitcoin and crypto.
Good luck out there, and see you on the next one!
Sovereign Crypto
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