Hawkish views on the potential for U.S. Federal Reserve interest rate cuts have bolstered gold among traditional investors — a fact that may lead to more demand for bitcoin, in Coinbase's opinion.
"As a result, we think dips are likely to be more aggressively bought compared to previous cycles, even as volatility persists during price discovery," he added. "In our view, the capital unlocked by the ETFs perhaps represents the most fundamental shift in market structure between the previous 2020-2021 cycle and today," Han wrote, adding: "These capital unlocks, coupled with the upcoming Bitcoin halving and other positive catalysts, make us still largely constructive in our view throughout Q2."
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