Spot Bitcoin ETF Approval and Bitcoin Performance
Given the recent approval by the U.S. SEC of the spot Bitcoin ETF, you might be surprised that the anticipated boost in Bitcoin’s value hasn’t occurred. In fact, Bitcoin has shown very low performance since the ETF’s approval.
Insights on Bitcoin’s Performance
Peter Schiff, Chief economist and global strategist at europac.com, believes that the major reason for Bitcoin’s poor performance is a result of more people selling rather than buying. This is often due to temporary profits, creating a loss in Bitcoin’s value.
The Effect of ETF Approval on Bitcoin
According to a series of tweets by Schiff, the entry of new Bitcoin ETFs has not led to the expected surge in Bitcoin prices. The new ETFs were expected to trigger more buying, but this has been offset by significant selling, negating the anticipated rise in price.
VanEck’s Moves and Insights
VanEck, an investment management firm, made changes to their ETF product line, deciding to delist the Bitcoin strategy ETF due to poor performance. Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital, commented on selling pressures from GBTC and the fallout from the FTX position, contributing to the downturn in Bitcoin’s performance.
Hot Take: Bitcoin’s Future and Predictions
Although Bitcoin is currently trading at around $42,445,many believe that it will bounce back, with forecasts indicating an impending resolution to the selling pressures.
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