Jim Cramer Says Spot ETF Approval May Not Follow 'Sell The News' Script

CNBC’s popular ‘Mad Money’ show host, Jim Cramer on Wednesday shared his perspective on the potential market behavior of Bitcoin following the Securities and Exchange Commission (SEC) approval of Bitcoin BTC/USD ETF applications. 

What Happened: Cramer suggested an unusual market pattern might occur, stating, “Normally you would expect a top in Bitcoin on a sell the news situation. I am not even sure that happens…"

The green light from U.S. regulators for Bitcoin ETFs has significantly widened the spectrum for cryptocurrency investments, as the SEC gave their nod to commence trading of these novel financial products on Thursday.

This comes as Bitcoin reached the $47,000 price point.

Last week, Cramer said, “Bitcoin’s topping out,” drawing from the crypto market’s hopeful anticipation of the ETF’s approval. Addressing inquiries regarding Riot Platforms, he said, “Let’s stop fooling around. If you want bitcoin, buy bitcoin.” 

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Why It Matters: Similarly, During a discussion on Marathon Digital Holdings, Inc. earlier in October, CNBC’s “Mad Money” host Jim Cramer expressed a preference for holding the actual cryptocurrency, stating, “I’d rather just own Bitcoin."

Cramer also voiced skepticism surrounding the Bitcoin market amid the legal proceedings involving Sam Bankman-Fried. In early October, he said, “I'm not looking to invest in crypto as ‘Mr. Bitcoin is about to go down big.'” This cautious outlook follows his decision in 2021, where he made a public move to sell off the majority of his Bitcoin assets following China’s crackdown on cryptocurrency mining.

Price Action: At the time of writing, BTC was trading at $46,533, up 1.16% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Shutterstock.com

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