This Could Be Why Bitcoin Spot ETFs Haven't Sent Crypto Prices
This Could Be Why Bitcoin Spot ETFs Haven't Sent Crypto Prices

This Could Be Why Bitcoin Spot ETFs Haven’t Sent Crypto Prices Through The Roof Yet

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People were hopeful that the value of the well-known cryptocurrency would rise quickly after the long-awaited start of bitcoin spot ETFs in the US this year. It made sense: now that regular investors have an easy and cheap way to buy bitcoin, the supply-and-demand curve would change, and each bitcoin would be worth more.

But people have had a range of reactions. Bitcoin has almost doubled in value in the past year and is now worth about $43,000. However, it has mostly stayed the same in value over the last few weeks. Was all the talk and reaction another case of the old Wall Street saying, “Buy the rumor, sell the news”?

We check the money coming into and going out of spot bitcoin ETFs more often than we’d like to admit, but we still wanted to find out more. So, we asked TechCrunch users if they were going to buy bitcoin through one of the new spot ETFs, if they already owned bitcoin somewhere else, and what they thought these new ways to invest would do to its value and to crypto in general.

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There were some interesting trends we found after getting a dozen answers from founders and operators. About a quarter of the people who answered our short, random poll said they have bitcoin already and have no plans to buy it through an ETF. Where do people have their coins? It looks like everywhere: self-custody, Coinbase, KuCoin, and many other places. Dara Khan, who is in charge of marketing for Decent DAO’s bitcoin, said that her wallet was lost at sea and was found at the “bottom of the ocean:(.”

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