this post was submitted on 13 Jan 2024
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Anyone who was stoked about this has no idea how ETFs work. This was one of the single worst things that could have been done to digital currency... and that is factoring in the exchanges and rampant fraud.
I have next to no idea how ETFs work. I just assumed it wouldn't send people into a deflating bubble.
Care to share how it's actually deflating the bubble faster?
Who knows? It’s a classic “buy the rumour, sell the news” stock story though, so there’s something about human psychology right there.
BTC shills are always pushing for the next big thing that will pull the mass buyers in. ETFs were going to be it this time around. I suspect a lot of people were holding onto BTC / not selling into the recent run-up in the hope they were right. If it turns out that there’s no demand there’s an awful lot of selling pressure out there: Miners are holding a lot of stock & the halving that will halve their income is only a few weeks away.