In the short term, the spot Bitcoin exchange-traded fund (ETF) launch has failed to meet market expectations regarding the valuation of most assets. Indeed, the approval turned out to be a “buy the rumor, sell the news” event, with Bitcoin (BTC) briefly retesting the $49,000 mark before correcting amid an over $80 billion outflow in market cap.
In an X (formerly Twitter) post on January 15, reformed hedge fund manager and managing partner at the Bitcoin Opportunity Fund, James Lavish, outlined five insights into why the spot Bitcoin ETF failed to meet expectations. A significant portion of his assessment centered around the Grayscale Bitcoin Trust (GBTC).
Lack of ‘God Candle’ moment
According to Lavish, the absence of a significant surge in capital and the anticipated ‘God Candle’ moment may have contributed to the overall perception of the Bitcoin ETF launch as…
