Is a Crypto Black Monday coming?
Bitcoin ETFs were the worst thing to happen to crypto.
Because the people who invest in them don't believe in crypto as a payment system. They don't believe in bitcoin as a hedge against inflation. They don't believe in crypto as a means of protecting your wealth from being seized by govts (remember how money in Cyprus bank accounts in 2013 got seized/stolen as "bail-ins" to save banks).
ETF investors think of crypto as a stock, to be dumped in momentum trading if necessary.
Bitcoin ETFs are listed on stock exchanges. Therefore they're now subject to technical traders.
See the following tweet from Peter Schiff to see why that matters:
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