The long-awaited launch of bitcoin spot ETFs in america this yr helped engender a wave of optimism that the worth of the well-known cryptocurrency would rapidly respect. The logic was easy: With a straightforward, low-cost avenue now out there for normal buyers to buy bitcoin, the supply-demand curve would shift and the worth of every bitcoin would rise.
However the response has been considerably blended. Whereas the worth of bitcoin has practically doubled previously yr to round $43,000 as we speak, it has largely traded sideways in latest weeks. Was the hype and ensuing response one other instance of the outdated Wall Road maxim, “Purchase the rumor, promote the information”?
To be trustworthy, we’re checking the flows into and out of spot bitcoin ETFs extra regularly than we need to admit, however we nonetheless wished to study extra. So, we requested KryptoCoinz readers in the event that they supposed to purchase bitcoin by way of one of many new spot ETFs, whether or not they owned bitcoin elsewhere, and what impression they anticipated these new investing automobiles to have on its worth and on crypto.
A number of dozen replies from founders and operators later, we discovered some attention-grabbing traits. A few quarter of respondents to our little, unscientific survey reported that they don’t intend to purchase bitcoin by way of an ETF, and already personal bitcoin elsewhere. The place are of us holding their cash? In every single place, it seems: Self-custody, Coinbase, KuCoin, all types of places. Moderately impressively, Dara Khan, the pinnacle of selling at Respectable DAO’s bitcoin, mentioned her pockets ended up on the “backside of the ocean, misplaced it in a boating accident :(.”