Purpose Bitcoin ETF T.BTCC

Alternate Symbol(s): PBECF | T.BTCC.B | PRBEF | T.BTCC.U | PPBCF | T.BTCC.J

Purpose Bitcoin ETF is an exchange traded fund launched and managed by Purpose Investments Inc. The fund invests in currency markets. It seeks to invest in Bitcoin. The fund uses derivatives such as forwards to create its portfolio. Purpose Bitcoin ETF was formed on February 18, 2021 and is domiciled in Canada.

TSX:BTCC - Post by User

Purpose Bitcoin ETF

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Post by Cobalton Mar 15, 2024 10:24am

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Post# 35934751

a failed spread trade from a $1 billion hedge fund

An expert has revealed that the recent Bitcoin crash was precipitated by a failed spread trade from a $1 billion hedge fund. Prior to the ETF approval, the hedge fund had established a spread trade, going long on BTC and short on MSTR. The rationale was that upon ETF approval, MSTR's value would decrease while BTC's would increase.

However, BTC was subsequently sold, and the short positions on MSTR were covered by purchasing MSTR shares. This action likely contributed to MSTR's modest mini rally, allowing it to perform slightly better than other BTC ETFs. Bruce commented on the situation, advising to 'Enjoy the dip. It won't last long,' indicating a temporary market condition.

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