From Nasdaq, Inc.:

The launch of spot bitcoin ETFs has tanked the price of bitcoin by 15% since Jan. 10, despite the bullish expectations. Billions of dollars are exiting GBTC after its transition to an ETF, with $3 billion in redemptions. Chris Burniske predicts further price drops, echoing sentiments found in a recent Deutsche Bank survey.

Burniske believes that bitcoin has yet to bottom out and social media platforms are filled with negative sentiment about the cryptocurrency. Uncertainty and precarious macroeconomic factors are weighing on the market. Long-term headwinds against bitcoin are expected to pass as FTX and other platforms sell off GBTC holdings.

It’s important to keep in mind that past developments, such as in 2013, and ups and downs are characteristic of the cryptocurrency market. While initial enthusiasm for the debut of bitcoin ETFs has not led to a rally, its impact is still indicative of the long-term potential and viability of the asset. Record volumes in ETF trading indicate interest from retail investors, suggesting it could drive further adoption.



Read more: Why Is Everyone Suddenly Bearish About Bitcoin?