Bitcoin has recently dropped to its one-month low after the ETF-led enthusiasm has waned. The biggest crypto in the world fluctuated around 40,000 dollars before stopping at 40,843 dollars.
BTC gained 157% value in 2023, largely because of the anticipated January 11 launch of the first Bitcoin ETF fund in the US. Traders have also bet on the looser monetary policy in the past several months.
However, it appears that the ETF enthusiasm driving BTC has ultimately subsided. The cryptocurrency is trading at 41,358 dollars, down 10.42% in the past seven days. Given its volatile nature, traders closely examine numerous Bitcoin future value predictions to make better investment decisions.
When it comes to expert opinion, AltTab Capital’s Co-Founder commented on the phenomenon. According to Greg Moritz, such corrective patterns following a rapid run are typical for Bitcoin.
Nine spot Bitcoin ETFs have gone live already, including Fidelity Investments and BlackRock Inc. Even the 25 billion-dollar Grayscale Bitcoin Trust converted into an ETF from a closed-ended structure.
BlackRock has passed 1 billion dollars in investor flows for its iShares Bitcoin Trust. The Wise Origin Bitcoin Fund for Fidelity has also reached a value of 880 million dollars. The Bitcoin Fund for Grayscale has also reached 1.6 billion dollars in outflows.
Thus, the effects of the Bitcoin ETF fund are apparent for corporations. However, it is not going to be the same for the market. Nonetheless, the BTC price predictions are quite positive. Experts expect Bitcoin to end 2024 at around 57,000 dollars. Similarly, the biggest crypto is expected to hit the 100,000-dollar mark by the end of 2025.
Source: https://www.cryptonewsz.com/bitcoin-hits-one-month-low-after-etf-led-enthusiasm-wanes/