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Bitcoin Reaches Inflection Point After Ether ETF's Billion Dollar Launch
Will Bitcoin Traders Buy The Rumor Sell The News Again?
Michael Swanson
July 24, 2024
Become A Better Trader And More Informed Investor
On Tuesday, the highly anticipated, and necessary, Ether ETF’s launched yesterday, and over one billion in investors money flowed into them.
These ETF’s were seen as necessary to bring renewed excitement from small crypto speculators back into the market, because the price of Bitcoin has been underperforming the S&P 500 ever since the launch of the Bitcoin ETF’s in the first quarter.
Smart money traders did what they always did with that Bitcoin ETF play and that is they bought the rumor and sold the news.
So, Bitcoin ran up into the launch of the ETF’s and then peaked out.