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Spot ETFs Fail To Ignite Bitcoin Growth – Analyst

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Spot ETFs Fail To Ignite Bitcoin Growth – Analyst - NewsBTC

Quick Summary:

In conclusion, Jim Bianco states the Spot Bitcoin ETFs are not attracting any "new money” but merely circulating existing investments in Bitcoin, which he describes as a concerning trend that may grant traditional financial institutions (TradFi) more influence in the crypto market as against the ethos of decentralization.  Related Reading: Dogecoin Price Could Climb To $0.209 — Here’s The Level To Watch Bloomberg Analyst Fires Back At BTC ETF Criticism Popular Bloomberg ETF analyst Eric Balchunas has issued a strong rebuttal to Bianco’s take on the Spot Bitcoin ETFs which he describes as merely "mental gymnastics”.

However, Bianco highlights BTC has failed to surpass its all-time high value of 73,750 set eight months ago despite the Spot Bitcoin ETFs accruing over $12 billion in inflows since BTC within the same period.  Rather than being less than 4% down from its ATH, the analyst explained that such high inflows should have since pushed premier cryptocurrency beyond the $100,000 mark especially considering other positive indicators such as Fed rate cuts, the halving, and public endorsement by Republican Presidential candidate Donald Trump.  For context, Bianco references the Gold ETFs with a record of over $6 billion in inflows since March 13, resulting in a 25% increase in gold’s market price during that period.

However, amidst this euphoria, macro investment researcher Jim Bianco says these Spot ETFs have contributed no significant growth to the Bitcoin market.  Related Reading: BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Spot Bitcoin ETFs Bring In No New Money, Only Recycled Investments In a series of X posts on November 2, Bianco claimed the Spot Bitcoin ETFs despite their impressive inflow record do not attract any new investments to the underlying asset.


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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-03 @ 14:00:30 (3 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 502 words

Reading Time: 3 minutes read

Sentences: 60 lines

Sentence Length: 9 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 23379853

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Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 9 posts per day

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News Last Updated: 9 hours ago

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