Are you optimistic about the impact of ETFs and regulatory developments?
The ETF buzz made the price of Bitcoin get to an all-time high this year. Consequently, there were speculations that the price would keep going high as these investors accumulated more Bitcoin. But we saw the market going into several corrections and there have been outflows from these ETFs. I am no more optimistic that the ETF will largely contribute to the increase in the price of Bitcoin. For now, the focus of some investors is the Federal Reserve interest rate policy. It is expected that interest rates in the US will be reduced by next month, and this might lead to an increase in the price of Bitcoin this year. A pro-crypto regulatory policies like allowing banks to keep Bitcoin might also be a good omen to the industry. My prediction is that all things being equal, Buy Bitcoin will get to $80k next year.
Just because bitcoin is going through a short-term correction doesn't mean ETFs no longer impact bitcoin's price. Did you know that in just a few months since the bitcoin ETF was approved, nearly 1 million bitcoins have been purchased through the ETFs? That's just the beginning, and maybe as the economy becomes more stable as the Fed lowers interest rates, we'll be able to see more money flowing in than the market and we'll actually see the impact of ETFs. I don't know if there is any correlation, but if you look back at the history of gold, it also skyrocketed for a while after gold ETFs were adopted. The same thing could very well happen with bitcoin.
In just 9 months since launch, bitcoin ETFs have purchased 913,418k BTC. I don't think this is a small number.
https://btcetffundflow.com/us
Gold chart when the gold ETF was approved in 2004 and I wouldn't be surprised if this happened to bitcoin.
https://www.reddit.com/r/Bitcoin/comments/17uuwm1/reminder_that_this_happened_when_the_gold_spot/#lightbox