Long-awaited release The huge increase in Bitcoin spot ETFs in the US this year has sparked optimism that the famous cryptocurrency will soon rise in value. The logic was simple. Once an easy, low-cost means of purchasing Bitcoin becomes available to retail investors, the supply and demand curves will shift and the value of each Bitcoin will rise.
However, reactions were somewhat mixed. Bitcoin’s value has nearly doubled over the past year and is now worth about $43,000, but it has been trading roughly flat in recent weeks. Was the hype and subsequent reaction an example of the old Wall Street adage of “buy the rumor, sell the news”?
To be honest, we check inflows and outflows to the Spot Bitcoin ETF more often than we’d like to admit, but we still wanted to know more. So we asked TechCrunch readers whether they intend to buy Bitcoin through one of the new spot ETFs, whether they own Bitcoin elsewhere, and how these new investment vehicles will make Bitcoin worth. and what kind of impact they expect it to have on cryptocurrencies.
Since then, we’ve received dozens of responses from founders and operators, and we’ve found some interesting trends. About a quarter of respondents to our small, non-scientific survey reported that they had no intention of buying Bitcoin through an ETF and already owned Bitcoin elsewhere. Where do people keep their coins? You see it everywhere, self-custody, Coinbase, KuCoin, all kinds of places. Quite impressively, Dara Khan, Head of Bitcoin Marketing at DecentDAO, said that her wallet was “lost in a boating accident and fell to the bottom of the ocean.” .