Hedge fund veteran Mark Yusko believes that the launch of Bitcoin exchange-traded funds (ETFs) has given Wall Street some control over the price action of BTC.
In a new interview with crypto podcaster Scott Melker, Morgan Creek’s Yusko says that he’s not seeing signs of intense selling pressure in both the spot and ETF markets.
But Yusko says Bitcoin is correcting because of entities heavily shorting BTC in the futures market. The hedge fund veteran believes that Bitcoin is being shorted by institutions to artificially push the price of BTC down so they can accumulate coins at a discount.
“There’s a little quirk on how ETFs work. ETFs don’t trade all day long. They trade in a very small window at the end of the day. So it’s logical if you got a big order, you know you got a big order, you’re BlackRock and you have to fill that order with Bitcoin, you don’t want the price high.
You want the price low.
So you actually, somewhere else in your book, not accusing anybody of anything, you might go out and sell the shit out of Bitcoin to push the price down so you can buy it for cheaper.
That tends to happen on Wall Street all the time in all assets.
So if you really want to buy a lot of something, you don’t tell everybody you love it. You don’t go out and buy it. You actually go short a little bit and you tell everyone you hate it.”
At time of writing, Bitcoin is trading for $57,629, down 2.78% in the last 24 hours.
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