Journalist
- Bitcoin saw its post-halving hour price drop by 2.31%, however ETF flows surged which boosted investor confidence
- The expansion of crypto-ETFs to include other currencies than Bitcoin and Ethereum may drive adoption.
It looks like Bitcoin’s [BTC] The halving was not without its surprises. BTC has hit a bump in the road after all the excitement surrounding Bitcoin’s half-discount. BTC fell by 2.31% within 24 hours. The Bitcoin ETF was able to show a dramatic change. There was an unexpected surge of net positive inflows just before the date of halving. This happened after five days of negative outflows.
According to Farside Investors, 5 out 10 ETFs have seen positive flows totaling $59.7 Million.
Farside Investors
Investors in the ETF market are increasingly confident in Bitcoin’s performance before and after the halving.
Expanding ETFs leads to mainstream adoption of crypto
Discussion of potential growth in the crypto-ETF market beyond Bitcoin Ethereum [ETH], Sergey NazarovIn a recent interview, the co-founder of Chainlink was quoted as saying: Interview claimed,
I think the next step is to have more ETFs that are not Bitcoin or Ethereum. “I think that the ETF trend will continue this year, and it’ll just keep growing and increasing.”
Ses comments highlighted ETF’s potential to promote a broader adoption and mainstream integration of Web3 technology.
It’s important to note that, in an interview conducted separately, Anthony ScaramucciSkyBridge Capital founder, Mr., has also weighed in.
Bitcoin is on a curve of adoption.
Then, he added:
You won’t be able to see the inflation hedge or store of value that other experts are predicting until there is over one billion users. Right now, it will be more volatile than people would like.
Spot Ethereum ETFs are attracting attention
Positive steps have been taken to mainstream adoption on the back of Hong Kong’s recent approval for Bitcoin and Ethereum. While U.S.-based ETFs have amassed nearly $60 billion since launch, Hong Kong ETFs are expected to be less successful.
Senior Bloomberg ETF analyst, also echoing the same sentiments Eric Balchunas Recently, a comment was made.
The addition of BTC ETFs by other countries is certainly a positive development, but the U.S. market dwarfs it.
This all leads to the question: Will the SEC refuse the Ethereum spot ETF applications submitted?
Hashkey Capital’s head of research, in response to your question Jupiter Zheng, responded,
The market has not yet priced in the ETF, so it won’t be as bearish if it is refused. We still have Bitcoin ETFs to enter traditional funds.”
But what is the determining factor for entry to crypto markets? According to Nazarov adoption is what determines entry into the crypto-market.
The executive believes that to overcome concerns over mainstream adoption the crypto industry must concentrate on improving usability, scaling, connectivity and privacy. He concluded that improvements in these areas will not only encourage broader adoption but will also push the industry to its limits.