A Sell Signal For An Asset Class?
In the video below, I note that Bitcoin has dropped by more than a third since the ProShares Bitcoin Strategy ETF (BITO) launched, and discuss a couple of other examples of similar phenomena that came to mind. The first was when Alliance Capital (as it was known at the time) launched its healthcare fund in the late ’90s. At the time, Pfizer (PFE) was one of its top holdings, and an archetypical one at that. It was selling two of the biggest drugs on the market: Warner-Lambert’s Lipitor (starting in 1996) and its own Viagra (starting in 1998). And yet Pfizer’s share price hit a high water mark a few years later that it didn’t regain until last year with its BioNTech (BNTX) COVID vaccine.
(more…)


