The Bitcoin ETF Dress Rehearsal Yesterday
To investors, Yesterday can only be described with one word — madness. The SEC’s account on Twitter/X posted the following message just after 4pm EST: The market immediately went into euphoria. Bitcoin’s price went from approximately $46,600 to nearly $48,000 in less than two minutes. The internet lit up with celebratory messages, memes, and “I told you so!” There was only one problem — the tweet from the SEC was inaccurate. Bitcoin spot ETFs have not yet been approved. SEC Chairman Gary Gensler quickly tweeted from his personal account the following clarification: As I told you, yesterday was madness. The market quickly readjusted from bullish to bearish and Gensler’s tweet was followed by a quick sell-off within minutes to a level lower than it was pre-announcement. So what exactly happened? That is still unclear. The SEC has not explicitly used the word “hacked” so far, but they have described a nefarious situation in the statement that followed later. It read:
Frankly, this is probably the worse case scenario for regulators at this moment. They have held up an ETF approval for years due to concerns around market manipulation, yet the day before a rumored approval the organization is compromised and someone is able to manipulate the price leveraging the SEC’s own account. Many people on the internet are claiming that the SEC may have made a simple mistake of scheduling a tweet for the wrong date. Their logic is that the tweet from the SEC account is worded too closely to what the regulatory organization would actually say. While it could be possible, it appears that theory is not true. X’s safety team tweeted the following statement last night:
We have to assume that there was foul play here until we hear otherwise. Another point that people have pointed out is that the lack of 2-factor authentication goes against prior warnings that the SEC Chairman had tweeted out as guidance for market participants. Again, this entire situation is nightmare fuel for regulators. But what insights can we take away from this debacle as investors? There seem to be three lessons at the moment:
The first two are self-explanatory, but this third one is interesting. Everyone has been paying attention to bitcoin for the last few months. The digital currency is up 160% in the last 12 months. Ethereum’s token is only up 79% in the same time period. But Reflexivity Research’s Will Clemente points out: In a weird way, although yesterday seemed like a complete shit-show, it actually may have served as a dress rehearsal for the real show later today. Bloomberg is reporting that the ETF approval will likely happen after the market closes this evening, which would fall in-line with my expectations for the funds to be trading tomorrow (Thursday). This industry is full of chaos and uncertainty. There is never a dull moment. Through it all, the people who can keep their head calm and focused are the ones likely to find an outsized financial return. Hope you all have a great day. I’ll talk to you tomorrow. -Anthony Pompliano Mitchell Askew is an analyst in the bitcoin community. In this conversation, we talk about volatility, bitcoin ETFs, institutions, inscriptions, miners, bitcoin halving, and more. Listen on iTunes: Click here Listen on Spotify: Click here Earn Bitcoin by listening on Fountain: Click here My Conversation with Mitchell AskewPodcast Sponsors
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. Invite your friends and earn rewardsIf you enjoy The Pomp Letter, share it with your friends and earn rewards when they subscribe. |
Older messages
What Will a Bitcoin ETF Mean for Bitcoin? Lessons From ETF History
Friday, January 12, 2024
To investors, The bitcoin spot ETF was approved yesterday afternoon. All eleven issuer applications got the green light from regulators and they will begin trading this morning. I asked Matt Hougan,
Our Company Reflexivity Research Has Been Acquired
Tuesday, January 9, 2024
Listen now (5 mins) | To investors, We are announcing this morning that Reflexivity Research, a company that I co-founded with Will Clemente, has entered into a binding LOI to be acquired by DeFi
Fee War on Bitcoin ETF Has Begun - Plus 12 Predictions
Monday, January 8, 2024
Listen now (4 mins) | Today's letter is brought to you by Cal.com! What do I have in common with Chad Hurley (YouTube), Tobi Lütke (Shopify), and Alexis (776/Reddit)? We are all early investors in
Thoughts On The Bitcoin ETF That No One Is Talking About
Thursday, January 4, 2024
Listen now (3 mins) | Today's letter is brought to you by Dream Startup Job! Dream Startup Job is the premier marketplace for connecting ambitious job-seekers with the world's most innovative
The Trade Of Our Generation
Wednesday, January 3, 2024
Listen now (4 mins) | To investors, The US national debt crossed over $34 trillion yesterday, which is the highest it has been in history. This all-time high milestone is not one to celebrate. Charlie
You Might Also Like
Sold over 500,000 of products on Amazon
Friday, January 10, 2025
I love that you're part of my network. Let's make 2025 epic!! I appreciate you :) Today's hack Sold over 500000 of products on Amazon Did you know that more than 70% of sales on Amazon
🔍 How To Build Your Brand’s Social Narrative
Friday, January 10, 2025
January 09, 2025 | Read Online All Case Studies 🔍 Learn About Sponsorships It's been a minute. Things have changed. Our focus changed. We've narrowed the newsletter down. We're more focused
A Community Just for Agency Owners
Friday, January 10, 2025
Hi there , Most business advice online isn't built for agency owners. Running an agency comes with unique challenges. Whether it's pricing projects or managing client expectations, generic
🎙️ New Episode of The Dime She Hits Different: The Story Behind Cake's Explosive Growth ft. Chloe Kaleiokalani
Thursday, January 9, 2025
Listen here 🎙️ She Hits Different: The Story Behind Cake's Explosive Growth ft. Chloe Kaleiokalani Cake is hitting different. A hockey stick chart is every founder's dream—but what looks
😬 Who's Slammed by the Spam Update
Thursday, January 9, 2025
Massive Local SEO Algo UPDATE ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Email trends and predictions, ‘Returnuary’ is here, advice from newsletter veterans, and more
Thursday, January 9, 2025
The latest email resources from the Litmus blog and a few of our favorite things from around the web last week. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Bounce Rate is Killing Your SEO 💀
Thursday, January 9, 2025
SEO Tip #68
Python Weekly - Issue 682
Thursday, January 9, 2025
January 09, 2025 | Read Online Python Weekly (Issue 682 January 9 2025) Welcome to issue 682 of Python Weekly. Happy New Year! I hope you had a great holiday and took some time off to recharge. Learn
Bubbles, Crashes & Fiscal Dominance - Should You Be Worried?
Thursday, January 9, 2025
To investors, ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
What’s Better, X or LinkedIn?
Thursday, January 9, 2025
Our Data and Some Learnings To view this email as a web page, click here saastr daily newsletter This edition of the SaaStr Daily is sponsored in part by Stripe What's Better, X/Twitter or LinkedIn