In spite of everything, ETFs are simply customary funding merchandise, not manna despatched from heaven. As soon as individuals understand that, we would see a gradual uptick in demand and worth motion for bitcoin, however not a flood of all-time-high milestones. Gold, for those who test, didn’t instantly change into a mainstream funding; it took years. And, it’s prone to be the identical with bitcoin.
Nonetheless, the hype across the ETF announcement reveals how many individuals on the market need a constructive narrative to maneuver bitcoin larger. That, reasonably than the precise influence of ETFs, stands out as the essential level right here. Regardless of the fundamentals, there’s large demand for constructive information in crypto after the falls, crashes and scandals of the final 18 months.