Bitcoin

Gold

<p>The post <a href="https://coinpedia.org/news/bitcoin-btc-price-will-never-drop-to-this-level-predicts-cryptoquant-founder/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Will Never Drop To This Level: Predicts Cryptoquant Founder</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ki Young Ju’s <a href="https://x.com/ki_young_ju/status/1765571758751727858?s=20" rel="noopener noreferrer nofollow">analysis </a>draws a fascinating comparison between Bitcoin’s current trajectory and gold’s historical behavior following the ETFs’ introduction. When the Gold ETF (GLD) debuted on the NYSE in 2004 at around $444, it marked a significant milestone in the accessibility of gold investments for institutional and retail investors.</p>
<p>As gold became more accessible, more institutional investors poured money into the market through the ETF to get into the precious metal.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>'s first spot ETF was approved in January 2024 when its price was $46,376.<br><br>NYSE listed the first gold ETF in Nov 2004, and the price never came back. <a href="https://t.co/aiDB3ie4Um" rel="noopener noreferrer nofollow">https://t.co/aiDB3ie4Um</a> <a href="https://t.co/y5YG4LGj07" rel="noopener noreferrer nofollow">pic.twitter.com/y5YG4LGj07</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1765571758751727858?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-gold-etf-impact-historical-comparison"><strong>Gold ETF Impact: Historical Comparison</strong></h2>
<p>Ju uses historical gold market trends to support this claim. In 2004, the NYSE introduced the Gold ETF (GLD), which affected gold prices. Since the ETF listing, gold has never returned to $444. Ju credits increasing accessibility and ETF-facilitated institutional inflows for this phenomenon.</p>
<p>Similarly, Ju also argues that introducing spot Bitcoin ETFs could have a comparable effect on Bitcoin’s price dynamics. Despite initial skepticism, the accessibility provided by ETFs could lead to sustained institutional interest and investment inflows, thereby establishing a price floor for Bitcoin.</p>
<h2 class="wp-block-heading" id="h-future-outlook-potential-for-new-highs"><strong>Future Outlook: Potential for New Highs</strong></h2>
<p>Currently, Bitcoin is trading at $66,964, marking a notable increase since the approval of 11 spot BTC ETFs by the SEC in January. This surge in price, coupled with the ongoing accumulation of Bitcoin by ETF issuers, has created a supply crunch in the market. On average, ETF issuers are accumulating around 10,000 BTC, significantly higher than the daily mining output of approximately 900 BTC. This imbalance between supply and demand, along with the anticipation surrounding the upcoming Bitcoin halving event, could potentially drive Bitcoin’s price to new highs in the future.</p>
<p>In short, Ju’s perspective on Bitcoin’s price floor and the impact of ETF listings highlights the dynamic nature of the cryptocurrency market and the various factors that influence price movements. While Bitcoin’s price trajectory remains uncertain, insights from experts like Ki Young Ju provide valuable perspectives for investors and enthusiasts alike.</p>

Bitcoin (BTC) Price Will Never Drop To This Level: Predicts Cryptoquant Founder

Table of Contents

CoinPedia News

Other articles published on Mar 8, 2024

SEC Postpones Verdict on Bitcoin ETF Options Trading

SHIB Price Pump Preceded by Massive Shiba Inu Whale Action, On-Chain Data Shows

This DeFi Token Is Completely Outperforming BONK, SHIB, and FLOKI As Meme Mania Continues

Crypto News, 8 March: Traders Eyes on Non-Farm Payrolls Data

So what chances are there left for Nigeria to get into BRICS?

Four Strong Indicators of Stacks’ Explosive Growth

Join our free newsletter for daily crypto updates!