The long-awaited launch of bitcoin spot ETFs in the United States this year helped generate a wave of optimism that the value of the well-known cryptocurrency would appreciate rapidly. The logic was simple: with an easy, low-cost avenue now available for everyday investors to purchase bitcoins, the supply and demand curve would shift and the value of each bitcoin would rise.
But the response has been somewhat mixed. While bitcoin's value has nearly doubled in the last year to around $43,000 today, it has largely traded sideways in recent weeks. Was the uproar and subsequent response another example of the old Wall Street maxim: “Buy the rumor, sell the news”?
To be honest, we are checking the flows. bitcoin-etf” target=”_blank” rel=”noopener”>inside and out of We spot bitcoin ETFs more often than we care to admit, but we still wanted to learn more. So, we asked TechCrunch readers if they intended to buy bitcoin through one of the new spot ETFs, if they owned bitcoin elsewhere, and what impact they expected these new investment vehicles to have on its value and on cryptocurrencies. .
After several dozen responses from founders and operators, we found some interesting trends. About a quarter of respondents in our small, unscientific survey reported that they have no intention of purchasing bitcoin through an ETF and that they already own bitcoin elsewhere. Where do people keep their coins? Turns out it's everywhere: self-custody, Coinbase, KuCoin, all kinds of locations. Quite impressively, Dara Khan, director of bitcoin marketing at Decent DAO, said that her wallet ended up at the “bottom of the ocean, she lost it in a boating accident :(“.
