Trader Top 9: Bitcoin Rally, ETF Launch, and the Canary in a Coal Mine

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Welcome back to the Trader Top 9! This week was dominated by the listing of the first Bitcoin ETF and concurrently hitting an all-time high. Meanwhile, legendary investors continue to express concern over growing inflation. Let's dive in!

9. Last week we highlighted the growing anticipation for a Bitcoin ETF, which was reflected in record OI in the underlying futures. Then on Friday we saw greater clarity around the impending launch of BITO.

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8. Then on Tuesday of this week, the big day came as BITO trading went live. By Wednesday it has passed GLD as the fasted ETF to $1 billion.

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7. As ETF trading commenced, Bitcoin hit new highs. Pantera's Dan Morehead supplied some reason for continued optimism.

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6. As Bitcoin reclaimed the spotlight, several companies took the opportunity to drop some big news. Facebook announced a pilot with the Paxos Dollar, as they have yet to receive regulatory approval for Diem, where assets will be custodied with Coinbase.

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5. Coinbase also made headlines on Tuesday with the announcement of its NBA partnership.

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4. And on Wednesday, Cboe announced a new foray into digital assets with its acquisition of ErisX, after having scrapped its Bitcoin future originally launched in December 2017.

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3. As Bitcoin hit new all-time highs, several legendary investors took the opportunity to highlight the growing threat of inflation to society and Bitcoin's role as an inflation hedge.

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2. And we continue to see large financial institutions disclose investments in Bitcoin and the cryptocurrency space. At what point is this no longer headline news?

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1. This sums of the vibe of many this week...

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