Exchange-Traded Funds by the United States Security and Exchange Commission has definitely been a game changer in the cryptocurrency landscape.
Eric Balchunas, Bloomberg’s senior Bitcoin ETF analyst, argues that Bitcoin’s volatile price movements are not directly influenced by BTC ETFs. This underscores that the surge in institutional investors and heightened investor interest are key drivers of Bitcoin’s demand and supply. However, ETFs might have an indirect impact on Bitcoin’s price through increased adoption and market validation.Balchunas also outlined the significant $GBTC outflows worth $ 1.4 billion this week indicating a notable trend in investor behavior. He
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