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 recognize. The logic was easy: With an straightforward, low-cost avenue now out there for normal buyers to buy bitcoin, the supply-demand curve would shift and the worth of every bitcoin would rise.
However the response has been considerably combined. Whereas the worth of bitcoin has practically doubled prior to now 12 months to round $43,000 at this time, it has largely traded sideways in latest weeks. Was the hype and ensuing response one other instance of the outdated Wall Avenue maxim, “Purchase the rumor, promote the information”?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 wish to admit, however we nonetheless wished to be taught extra. So, we requested TechCrunch readers in the event that they meant to purchase bitcoin through one of many new spot ETFs, whether or not they owned bitcoin elsewhere, and what influence 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 tendencies. A few quarter of respondents to our little, unscientific survey reported that they don’t intend to purchase bitcoin through 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 kinds of areas. Moderately impressively, Dara Khan, the top of promoting at Respectable DAO’s bitcoin, stated her pockets ended up on the “backside of the ocean, misplaced it in a boating accident :(.”
