Fundstrat co-founder and chief funding officer Tom Lee is highlighting two potential the reason why Bitcoin (BTC) has didn’t go to the “moon” regardless of the crypto king’s spot exchange-traded funds (ETFs) having fun with the “most profitable product launch in historical past.”
In a brand new CNBC interview, Lee says one of many causes may very well be the technique the spot Bitcoin ETFs have employed to build up the flagship digital asset.
“I feel what occurred is a few issues. One is lots of these ETFs might have been receiving in-kind change. So folks have their crypto keys, give it to the ETF supplier after which they simply stepped up their foundation. In order that’s not going to push up the worth of Bitcoin.”
The Fundstrat CIO additional says profit-taking amongst early Bitcoin traders may very well be enjoying a task in suppressing the worth of the most important crypto asset by market cap.
“The second is that those who aren’t concerned in ETFs, however possibly they’ve $10-Bitcoin… we’ve shoppers which have purchased Bitcoin at $100 and now it’s $100,000. They don’t care if Bitcoin goes to $1 million. They’re most likely sellers at round $100,000.
So we’re churning the bottom now as a result of 95% of the institutional world doesn’t personal Bitcoin. However a really good portion of Bitcoin holders are sitting on large good points. So I feel that is the churn that’s occurring in Bitcoin now.”
The US spot Bitcoin ETFs have seen $48.608 billion in internet inflows since their launch in January of 2024. Bitcoin is buying and selling at $107,290 at time of writing, across the similar worth it was at in December of 2024.
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