It’s been an ugly ‘sell the news’ period since spot bitcoin ETFs were unleashed by a desperately begrudging SEC.
Having peaked above $49,000 on the day the new ETFs opened, bitcoin has broken back below $39,000 overnight..
This is (purely coincidentally) ‘great news’ for Liz Warren and Gary Gensler who can gloat at their warnings of the dangers to investors of placing their hard-earned wages (after taxes) into these volatile, terrorist-funding assets.
But, maybe there’s more to it – maybe this is not just ‘sell the news’-driven profit-taking (or GBTC-discount-arb-driven recycling).
First things first, net of GBTC outflows, the whole spot bitcoin ETF complex has seen overall inflows of around $1 billion since inception…
https://www.zerohedge.com/crypto/bitcoin-breaks-below-39k-amid-ftx-mtgox-liquidation-chatter