Quote from: shield132 on June 11, 2024, 06:07:18 PM

Quote from: Lucius on June 10, 2024, 02:17:18 PM

I don't know if you have been active in the past two years, but you are asking questions that you should know the answer to. You and everyone else should have realized how important the spot BTC ETF (US) was to the price, but you obviously thought the halving was the only thing to wait for.

I missed a year or two on this forum and in the crypto world recently. I understand how important the spot Bitcoin ETF approval was but things are very strange. When ETF approval was announced, the price was pumping up but when it got officially approved, it looked like almost nothing happened, then very slowly, the price continued rising but on the other hand, we also see that the price has been rising up steadily for a very long time and it went from 15K to 70K which is a huge boost, it's not 2016 when the price was 500 dollars.
As I was expecting, the price fell from 72K and it's down to 66K.

I think that many underestimated the approval of spot BTC ETFs (US), because they thought that it was something similar to futures ETFs. This only shows that the average investor cannot properly assess the influence of various factors on the market and that he exclusively relies on already known patterns such as halving.

What surprises you and many others was quite predictable, because supply and demand played its role (and still does), and when someone buys over half a million BTC in a few months, it must have an impact on the price.

What is currently happening with the price is a logical short-term profit taking. Although 5-10% price movement in both directions doesn't seem like much to you and me, don't forget that investors who have a lot of BTC can earn a lot from such changes.