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0 sats \ 5 replies \ @Cje95 12 Apr \ on: Stacker Saloon
Dearest stock market why must you tank and bring down BTC with you... I feel this is one of the downsides to the BTC ETFs when the market is bad and people are starting to panic and we need the price to rebound above $69k to fry the short sellers for $1.5 bil
Just checked, and it looks like 1 BTC is still worth 1 BTC, so I think all's good.
(Seriously, though, I've seen expressions like "when NASDAQ gets a cold, Bitcoin gets the flu" and I'd imagine ETFs would exacerbate that.)
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I'm always fine with choosing chaos, and watching folks with shorts lose their pants (so to speak) is definitely fun to hope for.
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Why do you feel this? Bitcoin went down many times before ETFs, hand in hand with the whole stock market.
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It is the additional exposure. Previously it was really just Grayscale but not we have what roughly 10 ETFs so there are more people who are getting into it this way which is good in that people are accepting it as a part of the future but when the market tanks an ETF holding BTC only would be the first on the chopping block. Esp if people are for instance facing the good old Friday margin calls and are having to firesell the newest and most unfamiliar things will be sold off first so BTC gets some additional downward pressure if that makes sense.
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