Buy The Rumor, Sell The News
Today was the first day of spot Bitcoin ETF trading, which certainly delivered the promised excitement. Let’s quickly take a look at how the market performed. 👀
The initial flows into these ETFs were expected to keep upward pressure on Bitcoin prices in the near term. And that happened briefly after the open, with Bitcoin jumping above 49,000 before quickly falling alongside other crypto-related stocks. As it happened, the approval did turn out to be a “sell the news” type event. 📉