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Jim Cramer, the renowned host of CNBC’s “Mad Money,” has expressed skepticism about the future performance of Bitcoin (BTC), especially in the wake of the cryptocurrency’s struggle to maintain value above the $40,000 mark. This perspective arrives amidst a broader downturn in Bitcoin’s market value, contrasting sharply with the high expectations set by the introduction of Bitcoin Exchange-Traded Funds (ETFs).
Jim Cramer Casts Doubt on Bitcoin’s Future
The debut of Bitcoin ETFs, initially celebrated as a milestone for bringing mainstream investors into the Bitcoin fold, has paradoxically coincided with a decline in Bitcoin’s market value. This downturn has led to a reassessment of earlier bullish predictions about Bitcoin’s trajectory. Jim Cramer’s recent analysis aligns with this change in sentiment.
Unlikely that Bitcoin finds its footing
— Jim Cramer (@jimcramer) January 22, 2024
His insights, once shared on social media, highlighted the red flags in Bitcoin’s rapid value surge before the ETF launch, followed by a lackluster market response. This observation proved prescient, as Bitcoin’s price dropped below $41,000.
Grayscale, a significant player in the digital asset space, has recently come under the spotlight for depositing a substantial amount of Bitcoin, totaling 15,308 BTC (worth approximately $623.8 million), to Coinbase Prime. This action is part of a larger trend since the approval of Bitcoin ETFs, with Grayscale moving a total of 63,991 BTC (valued at about $2.68 billion) to the same destination.
This move by Grayscale has garnered attention from analysts, with JPMorgan’s Nikolaos Panigirtzoglou suggesting it could lead to increased bearishness in the market, particularly around profit-taking on GBTC.
Inverse Cramer ETF Gains Amid Bitcoin Dip
Amidst these developments, prominent financial analysts like Galaxy Digital CEO Mike Novogratz and SkyBridge founder Anthony Scaramucci have been influential voices in the discourse around Bitcoin. In contrast, the ‘Inverse Cramer ETF,’ a fund theoretically based on taking opposite positions to Cramer’s recommendations, has seen an uptick in its value. The ETF has recently risen by 1.26%, reaching a trading price of $20.14.
Connecting to a recent tweet by Peter Schiff, the current situation of Bitcoin ETFs is highlighted. Schiff pointed out that all spot Bitcoin ETFs are now in bear markets, experiencing a drop of 20% or more from their peak. He specifically mentioned the significant loss in the value of $FBTC, down by 32%, suggesting a symbolic change in the Vaneck Bitcoin Trust’s ticker symbol from HODL to GTFO.
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