2024

Bitcoin

Notable

<p class="is-style-lead">According to Bloomberg ETF analyst Eric Balchunas, the Bitcoin spot ETF market is showing that Boomers are proving to be much better hodlers than most people initially thought they would be.</p>
<p>Balchunas shared these remarks on Tuesday as he commented on the spot Bitcoin ETFs positive flows. In a post on X, the analyst noted that <a href="https://crypto.news/spot-bitcoin-etfs-rebound-with-137-2m-in-four-day-inflow-surge-despite-volatility/" rel="noopener noreferrer nofollow">US spot Bitcoin ETFs held strong</a> amid ‘step back’ phase that saw a streak of <a href="https://crypto.news/bitcoin-etfs-enjoy-6-days-of-continued-9-figure-outflows/" rel="noopener noreferrer nofollow">outflows</a>.</p>
<p>Notable during this period, particularly in the past month, Bitcoin price fell sharply and struggled to recover. But as data shows, spot ETFs picture on July 2 has flows positive on the day, week and month time frames.</p>
<h2 class="wp-block-heading" id="btc-price-fell-10k-in-june-but-etf-flows-held-around-14-6-billion">BTC price fell 10k in June, but ETF flows held around $14.6 billion</h2>
<p>In June, BTC price suffered downside pressure as news of Mt. Gox’s upcoming $9 billion repayments hit investors. Also weighing down on sentiment was miner and government related selling – miners offloading over 30k BTC post-halving didn’t help as did millions worth of dollars in BTC that German and US governments sent to crypto exchanges.</p>
<p>That meant Bitcoin failed to hold above $70,000 despite a record $886 million in inflows on June 4. But over the month, despite BTC price struggles, ETFs year-to-date net flows held around $14.6 billion. Meanwhile, the benchmark cryptocurrency fell below $60k and currently hovers around $63k.</p>
<p>Commenting on the scenario, Balchunas <a href="https://x.com/EricBalchunas/status/1808113945510576361" target="_blank" rel="noopener noreferrer nofollow">said</a>:</p>
<p>“Was surprised to check in on the bitcoin ETFs and see they actually had net positive flows for 1D, 1W and 1M. Was expecting worse given btc price fell $10k. During that stretch YTD net flow held steady at +14.6b. Good sign that number held strong during a ‘step back’ phase.”</p>
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   <p lang="en" dir="ltr">Was surprised to check in on the bitcoin ETFs and see they actually had net positive flows for 1D, 1W and 1M. Was expecting worse given btc price fell $10k. During that stretch YTD net flow held steady at +14.6b. Good sign that number held strong during a 'step back' phase. <a href="https://t.co/0YnRbD9W8g" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/0YnRbD9W8g</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1808113945510576361?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 2, 2024</a>
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<h2 class="wp-block-heading" id="boomers-better-hodlers">Boomers better HODLers?</h2>
<p>The analyst also commented on what the spot Bitcoin ETFs market and BTC price performances suggest.</p>
<p>According to him, the prediction that Bitcoin price and flows would be a “two steps forward, one step back type of deal” looks to be holding true.</p>
<p>Another key observation, and which the Bloomberg analyst had predicted was that Boomers would prove to be better hodlers that the crypto market initially thought.</p>
<p>Balchunas <a href="https://x.com/EricBalchunas/status/1808114544230687097" target="_blank" rel="noopener noreferrer nofollow">suggests</a> that by not dumping their holdings during the “set back”, this cohort of ETF buyers are demonstrating resilience and are bullish on the asset.</p>
<p>It’s not just “orange poker chips,” and unlike the younger generations, this group is unlikely to be bothered with short term price flactuations.</p>

Boomers are better HODLers, Bloomberg analyst says

Зміст

crypto.news

Інші статті, опубліковані 2 лип. 2024 р.

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