The expert’s optimism is fueled by the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.
Addressing the current state of Bitcoin ETFs, Mow notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock (NYSE:BLK)’s acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale’s fee capitulation.
As 2024 unfolds, Mow’s bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert’s foresight will indeed materialize in the imminent time.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
