- The Inverse Cramer ETF has turned Jim Cramer’s Bitcoin stance upside down.
- Tuttle Capital Management discontinues Inverse Cramer ETF, revealing the reason.
- Bitcoin whips up 3.4% gains since Cramer expressed doubts on BTC ‘finding foot.’
The infamous CNBC Mad Money host Jim Cramer’s financial tips are sometimes right despite an image of being always wrong. Tuttle Capital Management, the issuers of exchange-traded funds (ETFs), decided to bid adieu to the Inverse Cramer ETF, as the trading strategy slimmed investors’ pockets by 15%.
Launched in March 2023, the exchange-traded fund garnered $2.4 million in investments. While the closing date of the Inverse Cramer ETF (SJIM) is set for February 13, 2024, investors will have until February 23, 2024, to redeem their baskets of shares.
By this date, “The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders,” reads the official statement by Tuttle Capital Management. Interestingly, the letter states that the ETF fund was started to “point out the danger of following TV stockpickers, Jim Cramer specifically, and the total lack of accountability.”
Bitcoin Steady Above $42K: Cramer Still Bearish?
Jim Cramer’s stormy relationship with the world of blockchain technology brought about a meme where most of Cramer’s sentiments and predictions about crypto go in the opposite direction. To illustrate, Bitcoin fell by 8% in minutes during the Bloody Wednesday crypto slump on January 3, 2024, right after Cramer labeled Bitcoin a “technological marvel.”
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Other times, Cramer bashing Bitcoin on live TV ended up with up to 10% daily bull runs for the king crypto. Sarcastically thanking Cramer for his strict stance on BTC has become the norm among crypto aficionados on X.
In his latest thoughts, Cramer took a jab at Bitcoin investors: “Another day…. another chance to roll out of bitcoin while the Number Go Up club tries to keep it at 40,000.” Cramer was doubtful about BTC finding its foot after the mass sell-off by Grayscale’s GBTC ETF investors.
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Since the message, Bitcoin enjoyed a rebound rally to hover above the $42,000 support level. Inking 3.4% gains in the last 7 days, BTC encountered a phase of huge relief after Grayscale’s Bitcoin ETF outflows slowed down. Cashing out $5 billion from the largest accepted Bitcoin exchange-traded fund, GBTC investors set off a mild panic attack among retail crypto investors. As a result, BTC hit a monthly bottom of $38,678 on January 23, 2024.
On the Flipside
- Along with the Inverse Cramer ETF, the brokerage firm also released the Long Cramer ETF (LJIM), which made slight yearly gains of 2.2%.
- Like the Inverse Cramer ETF (SJIM), the opposite version was discontinued in August 2023 due to a lack of interest from investors.
Why This Matters
Media personalities discussing cryptocurrency tend to influence the markets. To illustrate, Cramer called Silvergate ‘a pivotal part of the crypto ecosystem’ right before the bank collapsed.
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