The ETFs came and yesterday’s volume numbers were big but not as big as I thought they would be for some of the most-hyped financial products ever created.
Now the pain trade is hitting with bitcoin down nearly 6%.
I also wonder — if on-exchange ETF buyers are now the marginal purchaser, what happens on the weekend? And remember that it’s a three-day weekend in the US.
In the bigger picture, bitcoin ran to $49K from $30K on ETF hype. If you’re buying today, what’s your catalyst? The halvening is three months away and I’d argue it should be priced in anyway. Interest rates falling is probably bullish but if you want to bet on interest rates falling… why not place trades directly in the rates market?