‘Buy the rumor, sell the news’ — Bitcoin ETF may spark TradFi sell-off
Bitcoin (BTC) might suffer when the first spot exchange-traded fund (ETF) is approved by the United States, a new warning says.In a thread of X (previously Twitter) on Nov. 28, Joshua Lim, head of derivatives at capital market firm Genesis Trading, anticipated a volatile start to 2024 for BTC cost action.Bitcoin ETF approval: Retail might be left holding the buckBitcoin is already a target for standard finance, or “TradFi,” which is wagering on winning big out of the area ETF approval, Lim states.” We understand tradfi guys/ macro tourists are already long crypto ahead of ETF news, theyve developed the position over the last couple of months and are now paying handsomely to roll it,” the thread explained together with data covering open interest on CME Groups Bitcoin futures. Source: Joshua Lim/XThe indications are there in the performance of the very first Bitcoin futures ETF (BITO), as well as stocks of crypto firms such as U.S. exchange Coinbase (COIN), the latter up 250% year-to-date.
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Bitcoin (BTC) may suffer when the first area exchange-traded fund (ETF) is authorized by the United States, a new caution says.In a thread of X (previously Twitter) on Nov. 28, Joshua Lim, head of derivatives at capital market company Genesis Trading, anticipated an unpredictable start to 2024 for BTC price action.Bitcoin ETF approval: Retail might be left holding the buckBitcoin is currently a target for conventional finance, or “TradFi,” which is betting on winning huge out of the spot ETF approval, Lim says.” We know tradfi guys/ macro tourists are already long crypto ahead of ETF news, theyve built the position over the last few months and are now paying handsomely to roll it,” the thread explained along with information covering open interest on CME Groups Bitcoin futures. Source: Joshua Lim/XThe signs are there in the efficiency of the very first Bitcoin futures ETF (BITO), as well as stocks of crypto companies such as U.S. exchange Coinbase (COIN), the latter up 250% year-to-date.