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source:Dan Morehead,Founder of Pantera Capital; compiled by: 0xjs@Bitchain Vision
Pantera Capital’s “Blockchain Letter” in November 2023, titled “Bitcoin ETFs to be launched: Buy The Rumor, Buy The News”.(See Bitchain Vision’s previous reportWhen the Bitcoin spot ETF is finally launched, is it the time to sell?”)
We believe that the old Wall Street motto “Buy The Rumor, Sell The News” does not apply to the launch of spot Bitcoin ETFs, although it runs on the days when CME Bitcoin Futures went online and Coinbase was publicly listedgood.
Bitcoin has risen 103% since the launch of the Bitcoin ETF.
BlackRock’s Bitcoin ETF surpassed its 20-year-old gold ETF in just 11 months.It broke the record and is considered “the greatest issuance in ETF history” as it has assets of more than $50 billion, five times faster than the second fastest ETF to reach this milestone.
Next month I will write an article explaining why I think the impact of the U.S. election has not been fully understood and certainly not counted into the price of the Bitcoin market.
The U.S. election is another “Buy The Rumor, Buy The News”.
