The impact of the US election is not fully understood nor priced in Bitcoin

Source: [Dan Morehead,](https://panteracapital.com/blockchain-letter/the-year- ahead-in-crypto-2025/) founder of Pantera Capital; Compiled by: 0xjs@金财经

Pantera Capital’s November 2023 “Blockchain Letter” is titled “Upcoming Bitcoin ETF: Buy The Rumor, Buy The News”. (Please refer to Golden Finance’s previous report “ When the Bitcoin spot ETF is finally launched, will it be a time to sell? ”)

We believe the old Wall Street adage “Buy The Rumor, Sell The News” does not apply to the launch of a spot Bitcoin ETF, even though it ran in the days leading up to the launch of CME Bitcoin futures and Coinbase’s public listing good.

Since the launch of the Bitcoin ETF, Bitcoin has gained 103%.

BlackRock’s Bitcoin ETF surpassed its 20-year-old gold ETF in just 11 months. It broke records and is considered the "greatest offering in ETF history" as it surpassed $50 billion in assets, five times faster than the next fastest ETF to reach that milestone.

Next month I will write an article explaining why I believe the impact of the US election is not yet fully understood and is certainly not priced into the Bitcoin market.

The US election is another "Buy The Rumor, Buy The News" campaign.