The sell-the-fact trade continues in bitcoin; Ether plunges

<p>Bitcoin is now down more than 20% from the peak reached just minutes after the new slate of ETFs began trading. </p><p>Support at $40,000 held several times last week but broke yesterday and the selling has continued today.</p><p>So far, the ETFs have only proven to be exit liquidity for those who front-ran a launch that was inevitable after the SEC lost the Grayscale case. I <a href="" target="_blank" rel="follow">highlighted </a>the reasons why it would be a 'sell the fact' trade before the launches.</p><p>Even by low standards, the flows into bitcoin ETFs have been a disappointment. The total money in all the new ETFs are $4.5 billion, which is around where I thought they would be after two days. Moreover, there has been a $3.5 billion flowing out of GBTC and roughly $500m flowing out of BITO, so the net is less than $1 billion.</p><p>That's certainly not enough to hold a market that expanded to $800 billion from $460 billion in large part due to ETF hype.</p><p>The other trade after the ETF launch appeared to be people trying to front-run an ethereum ETF approval. That started out better has rapidly soured with ETH falling 6% in back-to-back days.</p>

This article was written by Adam Button at

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