Ki Younger Ju’s analysis attracts an enchanting comparability between Bitcoin’s present trajectory and gold’s historic habits following the ETFs’ introduction. When the Gold ETF (GLD) debuted on the NYSE in 2004 at round $444, it marked a big milestone within the accessibility of gold investments for institutional and retail traders.
As gold turned extra accessible, extra institutional traders poured cash into the market by way of the ETF to get into the dear metallic.
Gold ETF Impression: Historic Comparability
Ju makes use of historic gold market developments to help this declare. In 2004, the NYSE launched the Gold ETF (GLD), which affected gold costs. Because the ETF itemizing, gold has by no means returned to $444. Ju credit growing accessibility and ETF-facilitated institutional inflows for this phenomenon.
Equally, Ju additionally argues that introducing spot Bitcoin ETFs might have a comparable impact on Bitcoin’s value dynamics. Regardless of preliminary skepticism, the accessibility offered by ETFs might result in sustained institutional curiosity and funding inflows, thereby establishing a value ground for Bitcoin.
Future Outlook: Potential for New Highs
Presently, Bitcoin is buying and selling at $66,964, marking a notable enhance for the reason that approval of 11 spot BTC ETFs by the SEC in January. This surge in value, coupled with the continued accumulation of Bitcoin by ETF issuers, has created a provide crunch out there. On common, ETF issuers are accumulating round 10,000 BTC, considerably larger than the day by day mining output of roughly 900 BTC. This imbalance between provide and demand, together with the anticipation surrounding the upcoming Bitcoin halving occasion, might doubtlessly drive Bitcoin’s value to new highs sooner or later.
Briefly, Ju’s perspective on Bitcoin’s value ground and the impression of ETF listings highlights the dynamic nature of the cryptocurrency market and the varied components that affect value actions. Whereas Bitcoin’s value trajectory stays unsure, insights from consultants like Ki Younger Ju present precious views for traders and lovers alike.