- Mad Money presenter Jim Cramer switches to a bearish stance on Bitcoin.
- The U.S. Securities and Exchange Commission (SEC) approved 11 BTC ETFs.
- Crypto aficionados thanked ‘Inverse Cramer’ for the message and expect a rally.
The infamous Mad Money host and financial advisor Jim Cramer has changed his stance on Bitcoin (BTC). Following the latest episode of his show, the analyst took to Twitter to expand on his opinion. In the tweet, Cramer calls the recent post-ETF Bitcoin plunge to the $41,000 price range a “nasty beginning to the Bitcoin selloff.”
Cramer elaborated by claiming that “you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF, and then almost no one shows up.” However, this statement has been almost immediately challenged by the crypto community on X, including blockchain’s social analysis platform LunarCrush.
Bitcoin ETFs Soar Past Silver ETFs in Assets
Contrary to what Cramer told his audience on Twitter, the freshly launched ETFs have already scooped up over $30 billion in assets under management (AUM).
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The breakthrough of Bitcoin’s ETFs was also praised by Bloomberg’s Senior ETF analyst Eric Balchunas, who insisted that the nine smaller Bitcoin ETFs have performed better than expected: “The fact that these nine newborns were able to garner up to $2 billion in volume is unbelievable.”
However, the early success in trading volume lags behind Bitcoin’s price movement. The king crypto flopped below $41,000 on January 19, 2024, hovering below the initial price range before the SEC approved the Bitcoin ETFs on January 10, 2024.
At the time of publication, Bitcoin trades at $40,780.70, having lost 4.3% of its value in the last 24 hours. Despite the sharp drop of 10% since last week, BTC is still 96.4% yearly, which appears to be a strong argument for holders seeking long-term investment opportunities.
On the Flipside
- Many crypto enthusiasts thanked Jim ‘Inverse’ Cramer for reversing his dangerously bullish stance.
- In contrast to the usual inverse movement, Bitcoin (BTC) dropped 4.3% since the X post.
Why This Matters
Financial analysts provide insight into the current market sentiment as Bitcoin ETF approval changed the financial landscape.
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