{"id":50997,"date":"2021-10-11T16:34:00","date_gmt":"2021-10-11T13:34:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50997"},"modified":"2025-09-02T21:20:43","modified_gmt":"2025-09-02T18:20:43","slug":"pantera-capital-ceo-warns-of-bitcoin-sell-off-after-etf-approval","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/pantera-capital-ceo-warns-of-bitcoin-sell-off-after-etf-approval\/","title":{"rendered":"Pantera Capital CEO warns of Bitcoin sell-off after ETF approval"},"content":{"rendered":"<p>Approval of a <span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> exchange-traded fund (ETF) based on Bitcoin could weigh on its price. This was stated by Pantera Capital CEO Dan Morehead.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">12-month rallies heading into Coinbase&#8217;s IPO and CME Bitcoin futures launch \u2014 both of which marked cycle peaks \u2014 were 9.2x and 25.4x<\/p>\n<p>Someone remind me the day before the <a href=\\\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#bitcoin<\/a> ETF launches \u2014 might take some chips off.<\/p>\n<p>Till then, I\u2019m buying.<\/p>\n<p>More: <a href=\\\"https:\/\/t.co\/g46sxp7Qe6\\\">https:\/\/t.co\/g46sxp7Qe6<\/a> <a href=\\\"https:\/\/t.co\/4oJfXd9wX5\\\">pic.twitter.com\/4oJfXd9wX5<\/a><\/p>\n<p>\u2014 Dan Morehead (@dan_pantera) <a href=\\\"https:\/\/twitter.com\/dan_pantera\/status\/1446182104337899527?ref_src=twsrc%5Etfw\\\">October 7, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u00abAfter the temporary frenzy amid fears that <\/em><a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\"><em>China&#8217;s mining ban<\/em><\/a><em> would wreck the industry, and the heated <\/em><a href=\"https:\/\/u1f987.com\/en\/news\/much-ado-about-nothing-why-bitcoins-environmental-impact-is-exaggerated\"><em>debates about its environmental impact<\/em><\/a><em>, we entered a new bull market\u00bb<\/em>, \u2014 he wrote in a note to investors.<\/p>\n<\/blockquote>\n<p>The upside could be sustained by a possible ETF launch, Morehead argues.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u00abThere is a Wall Street adage \u2018Buy the rumor, sell the news.\u2019 This definitely works in our space\u00bb<\/em>, \u2014 he explained.<\/p>\n<\/blockquote>\n<p>He cited two past events that triggered this market wisdom: the launch of Bitcoin futures on the <span data-descr=\\\"Chicago Mercantile Exchange\\\" class=\\\"old_tooltip\\\">CME<\/span> and Coinbase&#8217;s stock-market debut. In the first case, digital gold subsequently fell by 83%; in the second \u2014 54%.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/panteracapital.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-06-at-11.26.45-AM-2048x1150.png\\\" alt=\\\"Pantera Capital CEO warns of Bitcoin sell-off after ETF approval\\\"\/><figcaption>Data: Pantera Capital.<\/figcaption><\/figure>\n<\/div>\n<p>By the time derivatives on the Chicago Mercantile Exchange launched, Bitcoin had formed a peak. Before that, under the mantra \u2018We\\&#8217;re going to the moon\u2019, it rose by 2,440%, Morehead noted. The story repeated with Coinbase&#8217;s direct listing \u2014 previously the leading cryptocurrency had risen 822%, after which a bear market began.<\/p>\n<p>Morehead did not rule out the possibility of a similar pattern arising in the Bitcoin ETF scenario.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u00abPlease remind me a day before the official launch of the Bitcoin ETF. Okay? Maybe I\u2019ll want to take a few chips off the table\u00bb<\/em>, the expert commented.<\/p>\n<\/blockquote>\n<p>The Pantera Capital CEO expressed optimism about Bitcoin&#8217;s medium- and long-term prospects.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u00abBear markets like those that emerged in 2017 are part of our \u2018primordial\u2019 past. In the future they will be more moderate. Unfortunately, there is no free lunch. The flip side of that will be the absence of a hundredfold rally in a year\u00bb<\/em>, he explained.<\/p>\n<\/blockquote>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/panteracapital.com\/wp-content\/uploads\/2021\/10\/Screen-Shot-2021-10-06-at-11.27.48-AM-768x423.png\\\" alt=\\\"Pantera Capital CEO warns of Bitcoin sell-off after ETF approval\\\"\/><figcaption>Data: Pantera Capital.<\/figcaption><\/figure>\n<\/div>\n<p>As a reminder, the driver of bitcoin&#8217;s ascent to new highs since May has been expectations of a positive decision on a Bitcoin ETF \u2014 in August, Bloomberg analysts <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-analysts-forecast-sec-approval-of-bitcoin-etf-by-end-october\">predicted SEC approval of the instrument<\/a> by the end of October.<\/p>\n<p>Earlier JPMorgan <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-tests-56000-as-jpmorgan-explains-drivers-of-local-rally\">as reasons for the rally<\/a> cited institutional interest, the growing popularity of the Lightning Network, and assurances by U.S. authorities that there were no intentions to ban cryptocurrencies.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\\\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approval of a Bitcoin-based exchange-traded fund (ETF) by the SEC could weigh on its price. This was stated by Pantera Capital CEO Dan Morehead.<\/p>\n","protected":false},"author":1,"featured_media":50998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1138,1296,1211],"class_list":["post-50997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-opinions","tag-pantera-capital","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50997"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50997\/revisions"}],"predecessor-version":[{"id":50999,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50997\/revisions\/50999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50998"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}