TL; DR
Full story
Read any edition of Web3 Daily from January/February this year and chances are we discussed the BTC spot ETFs in some way, shape or form.
But how are things going now, months later?
Well, yesterday marked 15 consecutive (business) days of net inflows for US-based BTC ETFs.
Additionally, BlackRock’s iShares Bitcoin Fund (IBIT) reached over $20 billion in assets under management for the first time.
(Epic – right!?)
Over the past month, BTC ETFs collectively brought in approximately $2.4 billion in fresh money, which was the third-largest amount of net inflows for any type of ETF on the market.
This news all sounds pretty positive, so why isn’t BTC at the $80,000, $90,000, $100,000+ mark yet?
Let’s answer that question with some Nanna’s advice: Good things come to those who wait.
At this point, market sentiment is still up in the air.
For example, although the ETH ETFs have been approved, they are not yet live. Although inflation is not as high as a few months ago, interest rates have yet to fall.
Oh, and did we mention that happened in November in the US?
Suffice it to say, it seems like people are waiting for it at this point something to happen.
Whether it’s the influx of ETH purchases after the ETFs go live, the drop in interest rates, the federal election, or something else, people are waiting.
So what takes us above this endless ~$70,000 resistance for BTC?
The truth is, it will probably be a combination of all of the above and more.
¯\_(ツ)_/¯