Bitcoin may be a relatively new technology. It can still follow some pretty old market maxims.

Back in October postings on X, formerly known as Twitter, suggested that the U.S. Securities and Exchange Commission had finally approved the listing of a BlackRock exchange-traded fund that would directly track the price of bitcoin. It was quickly clear that this wasn’t correct. The SEC has delayed decisions on so-called spot ETFs, with some key deadlines now in 2024.