Bitcoin is priced in the market. The market is bids.

In this example is bids for a rare item.

Any auction house knows the price is dependent on the size of the bank accounts of clients in room. Selling a very rare items to a room full of billionaires will mean you will get a higher price for the item than if you sold it to a local school bake sale.

That why the most expensive things sell in special high net worth auctions. You want people who can pay most all with access to our bid each other on an item that is rare. Rare means a limited supply.

The ETF moves bidding for bitcoin from eBay to Sotheby's… You can't price that in.

We go from a room of people where the majority of the room buy with 100's to a room where the majority will buy with 1,000,000's. That is why EVERYONE is excited to see the ETF, even those sitting in the high net worth room who want to buy but currently can't bid. They are very keen to buy at higher prices and force all the small fish out of the market.

submitted by /u/edislucky
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Source and link to Reddit topic: Why the ETF isn’t "priced in"