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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Spot Bitcoin ETF Is ‘A Buy The News’ Event: Pantera Capital CEO

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Spot Bitcoin ETF Pantera Capital

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The potential approval of a spot Bitcoin ETF in the United States has stirred considerable attention in recent weeks. Dan Morehead, CEO and founder of Pantera Capital, has now shared valuable insights on this matter in his latest “Blockchain Letter”, emphasizing the unique circumstances surrounding this event.

Morehead challenges the traditional Wall Street mantra, “Buy the rumor, sell the news,” questioning its relevance in the current spot ETF context. He reflects on how this adage played out historically, specifically citing the CME Futures launch and Coinbase’s public listing. Both instances exhibited significant price surges in the BTC market before their respective events, followed by steep downturns, aligning with the adage’s prediction.

Spot Bitcoin ETF Is A “Buy The Rumor, Buy The News” Event

In his detailed analysis, Morehead recounts how the Bitcoin market rallied dramatically, up to 2,448%, leading up to the CME futures launch. However, this bullish trend abruptly reversed on the very day the futures were listed, marking the start of an 84% decline into a bear market. He parallels this with the Coinbase public listing scenario, where the market again surged, this time by 848%, reaching its peak on the day of Coinbase’s listing, only to be succeeded by a 76% drop.

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Morehead, with a touch of humor, notes in his letter, “Will someone please remind me the day before the Bitcoin ETF officially launches? I might want to take some chips off the table.”

However, “this time is different,” states Morehead. Further delving into the potential impact of a spot ETF, he posits that such an ETF would represent a significant step in the adoption. Unlike futures, which he argues were a “step backwards,” the spot ETF could fundamentally change access to BTC, opening up new investor pools and potentially altering the demand function for Bitcoin permanently.

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Unlike the previous events of the CME futures and Coinbase listing, which had little real-world impact on Bitcoin accessibility, Morehead believes the spot ETF scenario is fundamentally different. He asserts, “A BlackRock ETF fundamentally changes access to Bitcoin. It will have a huge (positive) impact.” His view is that the ETF will introduce BTC to broader investor classes, significantly altering the investment landscape.

Drawing a parallel with the history of gold ETFs, Morehead suggests that Bitcoin ETFs could similarly revolutionize Bitcoin investment, expanding its appeal and legitimacy. He predicts a substantial shift in the demand dynamics for Bitcoin, akin to how gold ETFs altered the gold market.

In his concluding remarks, Morehead revisits the initial question about the ETF launch being a “sell the news” event. He argues, “Buy the rumor, buy the news.” This phrase encapsulates his belief that, unlike past events, the introduction of a Bitcoin ETF will not lead to a sell-off but will mark the beginning of a new era in Bitcoin investment.

At press time, BTC traded at $37,341.

Bitcoin price
BTC price remains inside the trend channel, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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