Perhaps this is why the bitcoin spot ETFs are yet to send crypto prices to the moon

The long-awaited launch of bitcoin spot ETFs in the USA this 12 months helped engender a wave of optimism that the worth of the well-known cryptocurrency would shortly respect. The logic was easy: With an easy, low-cost avenue now out there for normal buyers to buy bitcoin, the supply-demand curve would shift and the worth of every bitcoin would rise.

However the response has been considerably combined. Whereas the worth of bitcoin has almost doubled up to now 12 months to round $43,000 as we speak, it has largely traded sideways in latest weeks. Was the hype and ensuing response one other instance of the previous Wall Road maxim, “Purchase the rumor, promote the information”?

To be trustworthy, we’re checking the flows into and out of spot bitcoin ETFs extra steadily than we need to admit, however we nonetheless wished to study extra. So, we requested TechCrunch readers in the event that they meant to purchase bitcoin through one of many new spot ETFs, whether or not they owned bitcoin elsewhere, and what influence they anticipated these new investing autos to have on its worth and on crypto.

A number of dozen replies from founders and operators later, we discovered some attention-grabbing tendencies. A few quarter of respondents to our little, unscientific survey reported that they don’t intend to purchase bitcoin through an ETF, and already personal bitcoin elsewhere. The place are of us holding their cash? All over the place, it seems: Self-custody, Coinbase, KuCoin, all types of areas. Reasonably impressively, Dara Khan, the top of selling at Respectable DAO’s bitcoin, stated her pockets ended up on the “backside of the ocean, misplaced it in a boating accident :(.”