Thanks
John
Since the event was well-known in advance, many investors/traders bought bitcoin mining stocks in anticipation of an ETF approval. Upon approval, some investors 'sold the news' as these binary events are often underwhelming relative to their hype. Other investors may have sold bitcoin mining stocks to purchase the new ETFs in an attempt for a 'trade' or to reduce their 'bitcoin proxy' exposure since bitcoin ETFs were not buyable for US investors prior to yesterday.
We expect these crypto-related stocks to trade sideways/down in the coming weeks, as the news and fund flows are digested, however, the underlying momentum in the space is positive, and we can expect to see a continued outpacing of demand vs. supply for bitcoin, especially throughout the year.