To all the salty macro crypto bears: Good luck. The ETF approval will open the gates to hundreds of billions of $-inflow from all asset classes around the world. Let's get into Phase 1 & 2 so we can understand the final Phase 3. Phase 1: Innovators & Early adopters. Mostly cryptography fanatics, internet natives & early-stage investment funds. Very high risk - very high reward. Phase 2: Early Majority. This phase was led by retail investors, VCs & people who needed to use the emerging technology as a solution to an existing problem. (e.g. Inflation in Venezuela) High risk - high reward. Phase 3: Late Majority & Laggards. You would assume that the Risk/Reward during the 3rd Phase must be worse because the upside is capped right? "The prices are already higher than in previous cycles & the majority of the money has been made" is a classic conclusion of retail market participants. But they're missing a crucial part of the equation. Huge financial institutions (Blackrock, Vanguard, etc.) , Pension funds, Ultra high-net-worth Individuals, Family Offices & even Governments will allocate at least a small % of their treasury towards BTC & ETH once they have the opportunity to do so. You can stay in disbelief but I know for a fact that governments are accumulating $BTC as we speak. I hear the macro doom talk 24/7 but imo it is pretty likely that the FED will stop raising rates in 2024, there's an american election around the corner & BTC's halving is 6 months out. The illiquid nature of BTC & ETH (+ETH is deflationary this cycle) makes it the easiest market to artificially inflate & if you think the "elite" won't do that with all these bullish catalysts on the horizon you might deserve to stay poor. Medium Risk / High reward.