- Bitcoin ETF buzz died down, and the price stabilized at $28,100.
- The average investor-Joe might have been driven by instability, not “heightened demand.”
- Coinbase buys peaked BEFORE the news, triggering a hilarious response.
YEREVAN (CoinChapter.com) — Bitcoin (BTC) market activity has cooled off after fake BlackRock ETF news buzz.
On Oct. 17, the BTC/USD exchange rate consolidated around $28,100, a day after briefly reaching $30,000 amid the Bitcoin ETF frenzy. For the unversed: the frenzy started after CoinTelegraph misreported the first spot crypto ETF approval in the US.
Investors Zombied by Instability, Not “Heightened Demand”
Chicago Mercantile Exchange (CME) Bitcoin Futures saw a swift inflow of $1.8 billion following the fake news. BlackRock chief Larry Fink construed the craze as an illustration of high demand for the cryptocurrency.
I was busy all day; I only heard it an hour ago. It’s an example of the pent-up interest in crypto. We’re hearing from clients around the world about the need for crypto. Crypto will play the role of ‘flight to quality.’
However, logically, the demand BEFORE the news should have been the same as the demand AFTER the news.
Investors who planned to buy up Bitcoin and hold it for the long haul would probably do that regardless of the ETF news. So, who would invest their hard-earned cash on fake news without checking first? Possibly volatile investors that give in to the hype.
For instance, investors bought up $75 million worth of Bitcoin on the Coinbase exchange alone. Oddly enough, the buying spree halted right BEFORE the fake news-led wick.
Hilarious jab at the biggest Bitcoin fanboi
The fact triggered a wave of idle musings on who the person could be. Naturally, one speculation came up coon enough – Michael ‘keep-calm-and-buy-Bitcoin’ Saylor, the head of MicroStrategy, known for his tender devotion to the alpha crypto.
To be clear, Saylor did NOT buy another batch at the top, although it would not be out of the ordinary. Some users even vouched to deliver the news to Cointelegraph… A double burn… In fact, the tweet was three weeks old.
The hoopla around the Bitcoin ETF fake news also reached the SEC. The agency tweeted that “the best source of information about the SEC is the SEC.” Ryan Selkis, the head of crypto data provider Messari, retaliated, saying the SEC doesn’t inspire trust, as it’s more interested in Wall Street than the average investor.
While Selkis has a point, there is another question to be asked. Why is the average Bitcoin investor so gullible and ready to “buy the news?” All of the SEC’s faults aside, this could be the one to focus on in the long run.
The post Fake Bitcoin ETF Buzz Proved One Thing: Investors Will Buy the News appeared first on CoinChapter.