Surprised the Second Market BTC Fund didn't have an effect on Exchange Rate

[locksley]

"SecondMarket has launched the first U.S.-based bitcoin fund, which allows investors to buy into the value of bitcoin without having to buy the digital currency directly."

[src: http://www.forbes.com/sites/tomiogeron/2013/09/25/secondmarket-launches-bitcoin-fund/]

I'm surprised this announcement didn't really have an impact on the BTCUSD Price. If we look at the price movement today, it barely budged (apart from standard volatility). [src: http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2013-09-26zeg2013-09-26ztgSzm1g10zm2g25zv]

Did anyone try to trade on this information?

Also, what do you guys use for BTC news? I rely on r/bitcoin quite a bit.

[Herp]

From what I've seen here in threads discussing the topic, many people don't realize who are the players behind this BIT and the significance of this event, so we'll probably start to see big price movements in Bitcoin price once the smart money starts pouring into this trust.

[CEG5952]

From what I've seen here in threads discussing the topic, many people don't realize who are the players behind this BIT and the significance of this event, so we'll probably start to see big price movements in Bitcoin price once the smart money starts pouring into this trust.

i agree with this. 

[favdesu]

why would you invest in a 3rd party when you can buy and hold bitcoin yourself for free?

[millsdmb]

they cant even start trading that fund till 2014. Any impact on the BTC purchased by the fund has already been factored into current exchange rates.

[millsdmb]

why would you invest in a 3rd party when you can buy and hold bitcoin yourself for free?

These investors are "legitimate" and presumably secondmarket provides the tools they need to invest in BTC without many of the liabilities that others may face.

But they can't buy things with BTC to avoid capital gains tax, like we can, since it doesnt look like anybody has actual BTC =P