In the latest issue of "Blockchain Letter", Pantera Capital founder Dan Morehead says that the old Wall Street adage "buy rumor, sell news" does not apply to the launch of a spot bitcoin ETF. For bitcoin ETFs, you should "buy rumor, buy news". Bitcoin has risen 103% since the launch of a bitcoin ETF in 2024. Dan Morehead says that the US election is another "buy rumor, buy news". The impact of the US election is not fully understood, and it is certainly not priced in bitcoin.