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The long-awaited launch of bitcoin spot ETFs in the USA this 12 months helped engender a wave of optimism that the worth of the well-known cryptocurrency would rapidly respect. The logic was easy: With a simple, low-cost avenue now accessible for normal traders to buy bitcoin, the supply-demand curve would shift and the worth of every bitcoin would rise.
However the response has been considerably blended. Whereas the worth of bitcoin has almost doubled up to now 12 months to round $43,000 at this time, it has largely traded sideways in current weeks. Was the hype and ensuing response one other instance of the outdated Wall Road maxim, “Purchase the rumor, promote the information”?
To be trustworthy, we’re checking the flows into and out of spot bitcoin ETFs extra often than we need to admit, however we nonetheless wished to be taught extra. So, we requested TechCrunch readers in the event that they meant to purchase bitcoin by way of one of many new spot ETFs, whether or not they owned bitcoin elsewhere, and what affect they anticipated these new investing autos to have on its worth and on crypto.
A number of dozen replies from founders and operators later, we discovered some fascinating traits. A few quarter of respondents to our little, unscientific survey reported that they don’t intend to purchase bitcoin by way of an ETF, and already personal bitcoin elsewhere. The place are of us holding their cash? All over the place, it seems: Self-custody, Coinbase, KuCoin, all types of areas. Moderately impressively, Dara Khan, the top of promoting at First rate DAO’s bitcoin, stated her pockets ended up on the “backside of the ocean, misplaced it in a boating accident :(.”
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