Fuerzas ocultas detrás del próximo mercado alcista de Bitcoin, ¿más grandes que los ETF?

• GBTC outflows totaling $1.4 billion in one week suggest increased investor interest.
• After the price decline, Bitcoin highlighted the bullish sentiment following Jerome Powell’s optimistic announcement.

The recent approval of bitcoin [BTC] exchange-traded funds (ETFs) by the United States Security and Exchange Commission (SEC) has definitely been a game-changer in the cryptocurrency landscape.

This milestone has pushed Bitcoin past its previous all-time high, surpassing the $70,000 mark. However, the rise did not last long and as of the last update, Bitcoin was trading at $66,000.

Bloomberg Senior Bitcoin ETF Analyst Eric Balchunas maintains that Bitcoin’s volatile price movements are not directly influenced by BTC ETFs.

Leading to X (formerly Twitter), Balchunas noted,

“Interesting that bitcoin price still went up yesterday and yet went down in the second half of last week when Ten saw net inflows = there are other players controlling this market. ETFs challenge one factor, but there are larger forces at play here.”

This underlines that the rise of institutional investors and increased investor interest are key drivers of Bitcoin supply and demand. However, ETFs could have an indirect impact on the price of Bitcoin through increased market adoption and validation.

GBTC Market Performance

Balchunas also outlined significant $GBTC outflows worth $1.4 billion this week, indicating a notable trend in investor behavior. He noted ,

«$GBTC is getting a ‘second wind’ of exits… All that and they STILL rank 3rd overall (out of 3,400 ETFs) in annual revenue generated.»

Amid Blachuna’s comments, Blockstream CEO Adam Back hinted at a major influx of institutional capital into Bitcoin ETFs, which could catalyze Bitcoin’s price rise.

With institutional demand on the rise, Back anticipates higher OTC flows to spot markets, which will further drive inflows into Bitcoin ETFs.

Observing the same, Adam back said,

«Consider:
– Bankruptcies will run out of GBTC in not many days.
– then we feel that between 500 and 1 billion dollars/day buying ETF walls.
– when there is net flow from the buy side, OTC flow to spot
– The channels of “ETF sales are just warming up. Many are not yet set up with training and approvals
– falling exchange balances”

This indicates that Bitcoin ETFs have not yet been fully valued and that there is further growth potential.

Bitcoin’s complex price trajectory

Despite these outflows and the launch of several Bitcoin ETFs, Bitcoin managed to hold firm, reaching $68,000 following Federal Chairman Jerome Powell’s statements on interest rates.

Therefore, the complexity of tracking Bitcoin price movements suggests that other factors beyond ETF inflows play an important role.

This is an automatic translation of our English version.