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This -15% fall was sort of expected as the ETFs were already priced in, which is why Bitcion went up before their launch. Now Bitcoin is back to $39k, which is
by mrb 3y ago
This -15% fall was sort of expected as the ETFs were already priced in, which is why Bitcion went up before their launch. Now Bitcoin is back to $39k, which is early Dec 2023 levels, ie. back when the market thought ETF being approved were unlikely. In other words, this price move is a non-news.
Also, it's always good too look at the big picture: https://bitcoin.zorinaq.com/price/ https://bitcoin.zorinaq.com/price/ And, yes, a log-chart is the only proper way to look at an asset that gains/loses orders of magnitudes over the years.
- paulpauper 3y agoWhat was unexpected was Grayscale + FTX taking a major dump on the market. The assumption was some speculators who bought in anticipation of the approval would take profits, not that the biggest holder of Bitcoin would undergo major liquidation. The people who bought the GBTC trust at a discount want to exit.