Since the launch of a bitcoin exchange-traded fund earlier this year, bitcoin has recovered and even surpassed its all-time highs set during the 2021 bull run. But for weeks, it looked like the largest cryptocurrency was trading sideways at best.
I am never surprised about what is happening in the world of Bitcoin now, I knew a thing like this might happen where the coin would be begging for liquidity to reach some certain high levels. This is mainly because of FUD and the fact that it has reached a high level that is discouraging for investment, as investors would not want to easily commit their money to it at a high and risky level.
Fine, the ETF saga helped Bitcoin to rise, and that happened before the much-anticipated halving which is now becoming a discouragement for the coin as Bitcoin was unable to hit its ATH after halving till now and it is gradually nearing 2 months now after it. The ETF filing of last year and the dramas attributed to it have changed the narratives in the world of Bitcoin which I believe is not so symbolic in terms of liquidity attracted to Bitcoin itself but only for the sentiment created.
Yet, after the ETF has successfully been approved, what has been so significant about the direct investment into Bitcoin through it? That has been my plight initially that people seem not to understand. This is because Bitcoin is accessible by itself without ETF, so the ETF that people hyped so much might not attract as many direct investments as people thought, just as we see today. Well, time will tell and we are patiently watching. Regardless, for now, nothing serious is to be expected unless the ATH at around $73,850 is breached upward.