Source: Dan Morehead, founder of Pantera Capital; Compiled by: 0xjs@金财经

Pantera Capital’s “Blockchain Letter” in November 2023, titled “Upcoming Bitcoin ETF: Buy the Rumor” , Buy The Rumor, Buy The News.” (Please refer to Golden Finance’s previous report “Is it a time to sell when the Bitcoin spot ETF is finally launched?”)

We believe that the old adage on Wall Street is “Buy The Rumor, Sell The News” (Buy The Rumor, Sell The News) )" does not apply to the launch of a spot Bitcoin ETF, although it worked well in the days when CME Bitcoin futures came online and Coinbase went public.

Bitcoin has gained 103% since the launch of the Bitcoin ETF.

BlackRock’s Bitcoin ETF took just 11 months to surpass its 20-year-old gold ETF. It broke records and is considered the "greatest offering in ETF history" as it surpassed $50 billion in assets, five times faster than the next fastest ETF to reach that milestone.

Next month I will write an article explaining why I believe the impact of the US election is not yet fully understood and is certainly not priced into the Bitcoin market.

The US election is another "Buy The Rumor, Buy The News".