Pantera CEO Wants a Reminder the Day Before a US Bitcoin ETF Launches — ‘I Might Want to Take Some Chips off the Table’ – Bitcoin Newson October 11, 2021 at 2:23 pm

On October 6, Pantera Capital revealed an investor’s be aware written by Dan Morehead, the corporate’s CEO. In contrast to the myriad of crypto buyers who consider {that a} bitcoin exchange-traded fund (ETF) will ship the crypto asset’s worth to the moon, Morehead explains it may very well be a unfavourable occasion and when it formally launches he mentioned he “would possibly wish to take some chips off the desk.”

Bitcoin Worth Bolstered by ETF Hypothesis, Dan Morehead Discusses a Bitcoin ETF Approval and Potential Destructive Results

The value of bitcoin (BTC) is using a lot greater than final month because the crypto asset tapped a excessive on Monday morning (EST) reaching $57,093 per unit. 4 days in the past, Bitcoin.com Information reported on the potential for a bitcoin exchange-traded fund (ETF) getting authorised by the top of the month. It has been mentioned that the likelihood of an ETF being authorised by the U.S. Securities and Change Fee (SEC) shall be excessive by the top of October and the start of November. Due to this greater likelihood, speculators suppose BTC’s value has been bolstered by the information.

Final Wednesday, Dan Morehead and his agency Pantera Capital revealed a weblog submit known as “The Subsequent Worth Period.” The blockchain investor letter discusses plenty of topics resembling a “post-halving replace,” “value cycles,” and contains one specific part that discusses a bitcoin ETF getting authorised known as “purchase the rumor, promote the very fact.” Morehead stresses that the road of pondering (purchase the rumor, promote the very fact) is “undoubtedly working in our area.”

Picture through Pantera Capital’s weblog submit known as “The Subsequent Worth Period.”

“When he was the chairman of the CFTC, Chris Giancarlo identified a wild one I hadn’t put two and two collectively on,” Morehead wrote. “All throughout 2017, the markets have been rallying with the mantra ‘When the CME lists bitcoin futures, we’re going to the moon!!!’ The markets did rally – 2,440% till **the very day** futures listed. That was the highest. A kind of -83% bear markets began that day,” the Pantera govt mentioned. Morehead added:

We not too long ago repeated that cycle. The entire business reveled in Coinbase’s upcoming direct itemizing. The bitcoin market was up 822% coming into the day of the itemizing. Bitcoin peaked at $64,863 that day and a -53% bear market began. Will somebody please remind [me] the day earlier than the bitcoin ETF formally launches? I would wish to take some chips off the desk.

North American Bitcoin ETFs Already Exist in Canada, SEC Approves Volt Crypto ETF

Over time, there have been many discussions on whether or not or not an exchange-traded fund tethered to bitcoin (BTC) could be useful to the market value. In 2017, Tariq Dennison, in an opinion piece revealed with Searching for Alpha, says a “cryptocurrency ETF would divert consideration to cost hypothesis and better volatility somewhat than to productive purposes of blockchain know-how.” Bitcoin evangelist Andreas Antonopoulos has even revealed a Youtube video known as: “Bitcoin Q&A: Why I’m towards ETFs” on August 14, 2018.

Speculators consider a U.S.-based bitcoin ETF would enable buyers from the nation to speculate and “actual” bitcoin could be obtained by these funds making the forex much more scarce. However, some consider the market value of bitcoin (BTC) may get manipulated if an ETF is authorised. Many buyers consider that gold and silver ETFs weren’t useful to treasured metals markets and truly suppressed the worth of gold and silver. Although the U.S. SEC has not authorised a bitcoin ETF but, this previous March three North American bitcoin ETFs have been authorised by Canada’s securities regulators.

The SEC has authorised the Volt Crypto Trade Revolution and Tech ETF which doesn’t maintain crypto belongings however somewhat tracks “Bitcoin Trade Revolution Corporations.” The ETF is listed on the New York Inventory Change (NYSE) beneath the market ticker “BTCR.” Speculators assume the primary bitcoin ETF shall be tied to bitcoin futures markets provided by the world’s largest monetary derivatives trade CME Group.

What do you concentrate on Pantera Capital CEO Dan Morehead’s opinion on bitcoin ETF approval and what would possibly occur after? Tell us what you concentrate on this topic within the feedback part beneath.

Tags on this story
Bitcoin, Bitcoin (BTC), bitcoin etf, bitcoin trade traded fund, CFTC, chips off, chips off the desk, chris giancarlo, cycles, Dan Morehead, Dan Morehead be aware, ETF, ETF approval, trade traded fund, Gold ETF, North American bitcoin ETFs, Pantera, Pantera Capital, Pantera buyers be aware, SEC, sec approval, Silver ETF, Suppressed Costs, US SEC, Volt Crypto ETF

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Pantera Capital,

Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any injury or loss induced or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.

The post Pantera CEO Wants a Reminder the Day Before a US Bitcoin ETF Launches — ‘I Might Want to Take Some Chips off the Table’ – Bitcoin News appeared first on Binance.

On October 6, Pantera Capital revealed an investor’s be aware written by Dan Morehead, the corporate’s CEO. In contrast to the myriad of crypto buyers who consider {that a} bitcoin exchange-traded fund (ETF) will ship the crypto asset’s worth to the moon, Morehead explains it may very well be a unfavourable occasion and when it
The post Pantera CEO Wants a Reminder the Day Before a US Bitcoin ETF Launches — ‘I Might Want to Take Some Chips off the Table’ – Bitcoin News appeared first on Binance.NewsNews – Binance

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: