Why does the price go up with spot ETF but not futures ETF?
#asknostr
Discussion
Bitcoin does what it wants. The etf isnt whats moving btc.. this was gonna with etf news or not.
I don't think that's true, you could argue that if there wasn't a pending etf the price would already be 100k so in that regard, etf and shit don't make bitcoin valuable.
But this pump is clearly fueled by news. People suppress the price, people pump the price.
At the end of the day, just like running your own node means you know what's real and what's not, being your own self means you know what your bitcoin is worth.
Afaik, I think the price pumped then too, but people were expecting both futures and spot and when futures (the more risky one) got approved and spot didn't, that was weird.
Futures have the higher risk of depegging which leads to problems like gbtc had.
Spot is less risky and so people will use that over futures. People are excited about that.
Also, so many people are excited and shouting about it, many traders will trade to profit from it. It's a self fulfilling prophecy. Maybe no one gives a shit about the ETF, but a bunch of traders will push the price up and use it as proof that it must be happening 😁.