Crypto Analyst Says “Buy the Rumor, Sell the News” Doesn’t Apply to Bitcoin ETF Approval
A crypto market analyst known as Mr. Anderson on Twitter has stated that the popular saying “buy the rumor, sell the news” does not hold true for the current situation regarding the approval of a Bitcoin spot exchange-traded fund (ETF). Anderson argues that selling when the ETF is approved would not be a wise move, as the big money should have already been made leading up to this decision. In a previous tweet, Anderson drew a comparison to gold’s price growth following the launch of a gold ETF and suggested that Bitcoin’s impact would be even greater due to its limited supply.
Bitcoin ETF: Buy or Sell?
Mr. Anderson also shared a survey on Twitter with over 6,300 participants, asking whether they believe the Bitcoin ETF will be a “sell the news” or a “buy the news” event. The majority of respondents, 51.3%, chose “buy the news” as their answer.
Hot Take: Bitcoin ETF Approval May Ignite Price Surge
The approval of a Bitcoin spot ETF has been highly anticipated in the crypto community. While some may follow the traditional strategy of selling on news, Mr. Anderson suggests that this approach may not be applicable in this case. Considering how gold’s price skyrocketed following the launch of a gold ETF, it is believed that Bitcoin’s limited supply will lead to an even greater impact. With more than half of the survey respondents expecting a positive outcome, it is possible that the approval of a Bitcoin ETF could ignite a significant surge in its price.
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