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  • Home Bitcoin News CEO of Pantera Capital allowed a wave of bitcoin sales after the approval of the ETF

    CEO of Pantera Capital allowed a wave of bitcoin sales after the approval of the ETF

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    Crypto News

    Reading time: ~2 m


    Approval SEC An exchange-traded fund (ETF) based on bitcoin may have a negative impact on its price. This was stated by Pantera Capital CEO Dan Morehead.

    12-month rallies heading into Coinbase’s IPO and CME Bitcoin futures launch — both of which marked cycle peaks — were 9.2x and 25.4x

    Someone remind me the day before the #bitcoin ETF launches — might take some chips off.

    Till then, I’m buying.

    More: https://t.co/g46sxp7Qe6 pic.twitter.com/4oJfXd9wX5

    — Dan Morehead (@dan_pantera) October 7, 2021

    “After a temporary frenzy amid fears that China’s ban on mining will destroy the industry, and hot debate about its impact on the environment we have entered a new bull market”,” he wrote in a note to investors.

    A possible launch of an ETF is capable of deploying an uptrend, Morehead is convinced.

    “There is a saying on Wall Street, ‘Buy on rumors, sell on facts.’ [Это] definitely works in our space”, – explained the CEO of Pantera Capital.

    He referred to two events in the past that led to the triggering of this exchange wisdom: the launch of bitcoin futures on CME and Coinbase’s entry into the stock exchange. In the first case, digital gold subsequently fell in price by 83%, in the second – by 54%.

    CEO of Pantera Capital allowed a wave of bitcoin sales
    Data: Pantera Capital.

    By the time derivatives were launched on the Chicago Mercantile Exchange, bitcoin had formed a peak. Prior to that, “driven by the mantra ‘We’re going to the moon’,” he showed an increase of 2440%, Morehead noted. History repeated itself with the direct listing of Coinbase – earlier, the first cryptocurrency managed to rise in price by 822%, after which a bearish cycle began.

    Morehead did not rule out the occurrence of a similar pattern in the case of bitcoin ETFs.

    “Please remind me the day before the official launch of the Bitcoin ETF. OK? I might want to take some chips off the table.”, – the expert commented.

    The CEO of Pantera Capital expressed optimism about the medium- and long-term prospects of the first cryptocurrency.

    “Bear markets like the one that emerged in 2017 have become part of our ‘primordial’ past. In the future, they will be more moderate in nature. Unfortunately, there is no free lunch. The flip side of the coin will be the absence of a hundredfold rally during the year”,” he explained.

    1633960819 631 CEO of Pantera Capital allowed a wave of bitcoin sales
    Data: Pantera Capital.

    Recall that the driver of bitcoin reaching new highs since May is the expectation of a positive decision on the bitcoin ETF — in August, Bloomberg experts predicted SEC approval of the instrument by the end of October.

    Earlier, JPMorgan analysts cited the interest of institutions, the growing popularity of the Lightning Network micropayment network, as well as the assurances of the US authorities about the lack of intentions to ban cryptocurrencies as the reasons for the digital gold rally.






    #CEO #Pantera #Capital #allowed #wave #bitcoin #sales #approval #ETF

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