{"id":13068,"date":"2021-10-11T14:54:14","date_gmt":"2021-10-11T14:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/pantera-ceo-wants-a-reminder-the-day-before-a-us-bitcoin-etf-launches-i-might-want-to-take-some-chips-off-the-table\/"},"modified":"2021-10-11T14:54:14","modified_gmt":"2021-10-11T14:54:14","slug":"pantera-ceo-wants-a-reminder-the-day-before-a-us-bitcoin-etf-launches-i-might-want-to-take-some-chips-off-the-table","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/pantera-ceo-wants-a-reminder-the-day-before-a-us-bitcoin-etf-launches-i-might-want-to-take-some-chips-off-the-table\/","title":{"rendered":"Pantera CEO Wants a Reminder the Day Before a US Bitcoin ETF Launches \u2014 \u2018I Might Want to Take Some Chips off the Table\u2019"},"content":{"rendered":"

On October 6, Pantera Capital published an investor\u2019s note written by Dan Morehead, the company\u2019s CEO. Unlike the myriad of crypto investors who believe that a bitcoin exchange-traded fund (ETF) will send the crypto asset\u2019s value to the moon, Morehead explains it could be a negative event and when it officially launches he said he \u201cmight want to take some chips off the table.\u201d<\/strong><\/p>\n

Bitcoin Price Bolstered by ETF Speculation, Dan Morehead Discusses a Bitcoin ETF Approval and Possible Negative Effects<\/h2>\n

The price of bitcoin (BTC)<\/a> is riding much higher than last month as the crypto asset tapped a high on Monday morning (EST) reaching $57,093 per unit. Four days ago, Bitcoin.com News reported on the possibility of a bitcoin exchange-traded fund (ETF) getting approved by the end of the month. It has been said<\/a> that the probability of an ETF being approved by the U.S. Securities and Exchange Commission (SEC) will be high by the end of October and the beginning of November. Because of this higher probability, speculators think BTC<\/a>\u2019s price has been bolstered by the news.<\/p>\n

Last Wednesday, Dan Morehead<\/a> and his firm Pantera Capital<\/a> published a blog post<\/a> called \u201cThe Next Price Era.\u201d The blockchain investor letter discusses a number of subjects such as a \u201cpost-halving update,\u201d \u201cprice cycles,\u201d and includes one particular section that discusses a bitcoin ETF getting approved called \u201cbuy the rumor, sell the fact.\u201d Morehead stresses that the line of thinking (buy the rumor, sell the fact) is \u201cdefinitely working in our space.\u201d<\/p>\n

\u201cWhen he was the chairman of the CFTC, Chris Giancarlo pointed out a wild one I hadn\u2019t put two and two together on,\u201d Morehead wrote. \u201cAll during 2017, the markets were rallying with the mantra \u2018When the CME lists bitcoin futures, we\u2019re going to the moon!!!\u2019 The markets did rally \u2013 2,440% until **the very day** futures listed. That was the top. One of those -83% bear markets started that day,\u201d the Pantera executive said. Morehead added:<\/p>\n

We recently repeated that cycle. The whole industry reveled in Coinbase\u2019s upcoming direct listing. The bitcoin market was up 822% coming into the day of the listing. Bitcoin peaked at $64,863 that day and a -53% bear market started. Will someone please remind [me] the day before the bitcoin ETF officially launches? I might want to take some chips off the table.<\/p>\n

North American Bitcoin ETFs Already Exist in Canada, SEC Approves Volt Crypto ETF<\/h2>\n

Over the years, there have been many discussions on whether or not an exchange-traded fund tethered to bitcoin (BTC)<\/a> would be beneficial to the market price. In 2017, Tariq Dennison, in an opinion piece<\/a> published with Seeking Alpha, says a \u201ccryptocurrency ETF would divert attention to price speculation and higher volatility rather than to productive applications of blockchain technology.\u201d Bitcoin evangelist Andreas Antonopoulos has even published a Youtube video called: \u201cBitcoin Q&A: Why I\u2019m against ETFs<\/a>\u201d on August 14, 2018.<\/p>\n

Speculators believe a U.S.-based bitcoin ETF would allow investors from the country to invest and \u201creal\u201d bitcoin would be obtained by these funds making the currency even more scarce. On the other hand, some believe the market price of bitcoin (BTC)<\/a> could get manipulated if an ETF is approved. Many investors believe that gold and silver ETFs were not helpful to precious metals markets and actually suppressed the price of gold and silver. Though the U.S. SEC has not approved a bitcoin ETF yet, this past March three North American bitcoin ETFs were approved<\/a> by Canada\u2019s securities regulators.<\/p>\n

The SEC has approved the Volt Crypto Industry Revolution and Tech ETF<\/a> which doesn\u2019t hold crypto assets but rather tracks \u201cBitcoin Industry Revolution Companies.\u201d The ETF is listed on the New York Stock Exchange (NYSE) under the market ticker \u201cBTCR.\u201d Speculators assume<\/a> the first bitcoin ETF will be tied to bitcoin futures markets offered by the world\u2019s largest financial derivatives exchange CME Group.<\/p>\n

What do you think about Pantera Capital CEO Dan Morehead\u2019s opinion on bitcoin ETF approval and what might happen after? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nNews, Bitcoin, Bitcoin (BTC), bitcoin etf, bitcoin exchange traded fund, CFTC, chips off, chips off the table, chris giancarlo, cycles, Dan Morehead, Dan Morehead note, ETF, ETF approval, exchange traded fund, Gold ETF, North American bitcoin ETFs, Pantera, Pantera Capital, Pantera investors note, SEC, sec approval, Silver ETF, Suppressed Prices, US SEC, Volt Crypto ETF<\/p>\n","protected":false},"excerpt":{"rendered":"

On October 6, Pantera Capital published an investor\u2019s note written by Dan Morehead, the company\u2019s CEO. Unlike the myriad of crypto investors who believe that a bitcoin exchange-traded fund (ETF) will send the crypto asset\u2019s value to the moon, Morehead explains it could be a negative event and when it officially launches he said he…<\/p>\n","protected":false},"author":0,"featured_media":13069,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13068"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13068"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13069"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}