Weird how the price went to 48k on fake news, with the potential to go even higher until revealed to be fake, but only 47k on the real news?
That fake news cleaned up a lot of leveraged bets up and down.
for bitcoin to move up or down $1000 a day has a variance: call me when we're outlying
It makes sense if you figure that the ETF is probably just another FTX-like scam (except now by competitors of FTX who are even better at regulatory capture).
All it means is that you now have a security that tracks Bitcoin's price, but is probably backed by very little actual Bitcoin.
TLDR: money is going to flow out of real Bitcoin and into this fake Bitcoin ETF causing the price of real Bitcoin to go down eventually. That's without even considering insane possibilities of naked shorting by a certain owner of a certain large hedge fund that is co-owner/founder of this ETF and also owner of the US's largest market maker.