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Read any edition of Web3 Daily from Jan/Feb this year and chances are we were discussing the BTC spot ETFs in some way, shape or form.
But, months on, how are they going?
Well, yesterday made it 15 consecutive (work) days of net inflows for US-based BTC ETFs.
Plus, BlackRock’s iShares Bitcoin Fund (IBIT) reached more than $20 billion in assets under management for the first time.
(Epic – right!?)
Over the past month, the BTC ETFs collectively pulled in roughly $2.4 billion in fresh money, which was the third-largest amount of net inflows for any type of ETF on the market.
This news all sounds pretty positive, so why isn’t BTC up at that $80k, $90k, $100k+ mark yet?
Let us answer that question with a bit of nanna’s advice: good things come to those who wait.
Right now, market sentiment is still up in the air.
For example: while the ETH ETFs have been approved, they’re not live yet. While inflation isn’t as high as it was a few months ago, interest rates are yet to drop.
Oh, and did we mention that thing happening in November in the US?
Suffice to say, right now, it seems people are waiting it out for something to happen.
Whether it’s the influx of ETH purchases after the ETFs go live, interest rates to drop, the federal election, or something else – people are waiting.
So, what takes us above this endless resistance at ~$70k for BTC?
The truth is it will probably be a combination of all of the above, and more.
¯\_(ツ)_/¯
