Published on 7 May 2024 on Motley Fool via Yahoo Finance
As Bitcoin ETFs Go Global, What It Mean for the Future Price of Bitcoin?
For the first four months of the year, Bitcoin's (CRYPTO: BTC) investment thesis focused on the launch of the new spot Bitcoin ETFs in January. That made a lot of sense since they represent a potentially vast, untapped source of new money flowing into Bitcoin. As a result, Bitcoin soared from $45,000 in early January to a new all-time high of $73,750 in March.
But now something entirely unexpected is happening. Investor inflows into the new Bitcoin ETFs are slowing, the recent debut of spot Bitcoin ETFs in Hong Kong fizzled, and the price of Bitcoin is down 20% from its March peak. So is it time to rethink the ETF investment thesis for Bitcoin?
What happens when Bitcoin ETFs go global?