05 Sep 2023

A buyer’s market

A short-lived market rally on Grayscale court win before retraction. We believe it's now a buyer’s market – with the market fundamentally underappreciating the great news.
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Short-lived market rally on Grayscale court win before retraction
The Grayscale verdict, which greatly enhanced the prospects of an eagerly awaited Bitcoin spot ETF, generated a notable market surge, resulting in a 6% gain last Tuesday. However, this bullish momentum was short-lived, as Bitcoin retraced its entire rally by Thursday, concluding the week with an unremarkable weekly return of -1%. Also on Thursday, the SEC predictably delayed all active BTC ETF filings. The announcements came after BTC’s retracement, suggesting the two events were unlinked.
Buyer’s market – prices ‘should’ have gone up
The market seems to underestimate the potential impact of U.S. BTC spot ETFs. A Spot ETF approval should attract enorm
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