Bitwise CIO: Recent Market Sell-Off Triggered by "ETF Expectations"

Matt Hougan, the Chief Investment Officer of Bitwise, believes that the recent market sell-off was triggered by "ETF expectations." Hougan stated, "Strictly speaking, this is not ETF-driven selling. ETFs are net buyers of Bitcoin. This is selling triggered by expectations of ETFs. The market front-ran the ETF by buying significant amounts of spot Bitcoin and Bitcoin derivatives, anticipating even more net flows into the ETF than we have seen so far."