The analyst community interprets this data as a pessimistic omen for the ‘halving’, with famous investor Peter Schiff pointing out the difficulty of reaching US$100,000 with ETFs.
The outlook for bitcoin (BTC) in eve of the ‘halving’ is enveloped in a haze of uncertainty. The ups and downs in the Middle East have shaken markets, from traditional to subprime, causing notable volatility in cryptocurrency prices.
Furthermore, the macroeconomic scenario, marked by the resurgence of inflation in the United States and the change in expectations about interest rate cuts, does not favor digital assets. BTC exchange-traded funds (ETFs) also do not inspire confidence, with net outflows exceeding $300 million in the last week, according to preliminary data from Farside Investors.
This Friday, one day before the halving, the Bitcoin It advances 3.5% and stands at US$64,900. While, Ethereumwhich lost US$3,000 the day before, advances 1.9% to trade slightly above that figure.
Bitcoin ETF: there is alarm in the market
Although net inflows have calmed in recent weeks, the turnaround seen in recent days worries analysts like Markus Thielen, founder of 10x Research. For him, the slowdown in flows of ETF and the current context of high inflation suggest that a significant rebound in prices is not on the immediate horizon.
The disappearance of the catalysts that drove bitcoin’s rise from $40,000 to $70,000 is evident, and investors’ attraction to traditional assets is waning.
The analyst community interprets these data as a pessimistic omen for the ‘halving’with famous investor Peter Schiff pointing out the difficulty of reaching US$$100,000 with ETFs, especially when cryptocurrency-related companiessuch as Coinbase, MicroStrategy or Galaxy Digital, are experiencing sharp declines.
Despite posting more modest net inflows, BlackRock’s iShares Bitcoin Trust (IBIT) is poised to overtake Grayscale Bitcoin Trust’s (GBTC) market share, the largest bitcoin fund in the world.
Although GBTC has managed to moderate its fund outflows, its assets have halved since its conversion to a spot exchange-traded fund, according to Dune data. In this sense, the competition between these funds reflects the volatility and uncertainty prevailing in the world of cryptocurrencies in the face of the next ‘halving’.
Source: Ambito
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