Today, the BTC ETF was announced and confirmed by the SEC. It's big news. However, on 11.01.25, my thoughts on the ETF are as follows: the market isn't moving, and volatility is falling back on BTC pairs. I'm writing this at 5:00 AM Paris Time. It would be better to wait until tomorrow, when the markets open. However, the values of currencies tied to L1 projects like ETH, ADA, KAS are in a performance rally. It remains to be seen whether this is due to excitement or the entry of new investors into the markets. In my opinion, I think the real change here will be the Halving. For me, the ETF is an effort by the decentralized community to "sacrifice" itself or adapt to the rules of the traditional market. On the other hand, the Halving will allow us the opposite: to bring in more investors and institutions using decentralized products. Both ETF / ETP and Halving are complementary to speed up the Global adoption. BTC is stagnant today at $46,500 while ETH has risen to $2,600. I expect a huge correction due to the dissatisfaction of investors who expected to see BTC at 57K on the same day. My diagnosis would therefore be BTC at 40K by next week. The real change will come after we double down on ETF institution education.