EddieJayonCrypto

 3 Sep 24

tl;dr

Hedge fund veteran Mark Yusko believes that the launch of Bitcoin exchange-traded funds (ETFs) has given Wall Street control over BTC's price action. He notes a lack of intense selling pressure in both the spot and ETF markets but attributes Bitcoin's correction to heavy shorting of BTC in the futur...

Hedge fund veteran Mark Yusko suggests that the launch of Bitcoin exchange-traded funds (ETFs) has given Wall Street control over BTC's price action. He notes a lack of intense selling pressure in both the spot and ETF markets but attributes Bitcoin's correction to heavy shorting of BTC in the futures market by institutions.

Yusko believes that institutions are shorting Bitcoin to artificially lower its price in order to accumulate coins at a discount. He points out that ETFs trade in a small window at the end of the day, potentially allowing for manipulation by large orders.

At the time of writing, Bitcoin is trading at $57,629, down 2.78% in the last 24 hours.

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