The long-awaited launch of bitcoin spot ETFs in the United States this yr helped engender a wave of optimism that the worth of the well-known cryptocurrency would shortly admire. The logic was easy: With a simple, 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.
But the response has been considerably blended. While the worth of bitcoin has almost doubled in the previous yr to round $43,000 right now, it has largely traded sideways in current weeks. Was the hype and ensuing response one other instance of the previous Wall Street maxim, “Buy the rumor, sell the news”?
To be trustworthy, we’re checking the flows into and out of spot bitcoin ETFs extra ceaselessly than we would like to admit, however we nonetheless needed to study extra. So, we requested Ztoog readers in the event that they supposed to purchase bitcoin by way of considered one of the new spot ETFs, whether or not they owned bitcoin elsewhere, and what influence they anticipated these new investing autos to have on its worth and on crypto.
Several dozen replies from founders and operators later, we discovered some fascinating traits. About 1 / 4 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. Where are people holding their cash? Everywhere, it seems: Self-custody, Coinbase, KuCoin, all types of areas. Rather impressively, Dara Khan, the head of selling at Decent DAO’s bitcoin, stated her pockets ended up at the “bottom of the ocean, lost it in a boating accident :(.”