If the ETF has a significant role in the increase of Bitcoin price then why are we having that delay for the price up till this time? It should have stayed on the increase but we have it going down.
We can take two reasons why the price fell by almost 20% instead of rising. The first is that the interest of investors after the approval of spot ETFs is not even close to what was speculated, and the second is that one of the companies that received approval for the ETF (Grayscale) had more than 600 000 BTC in its possession. The data says that they have already sold more than 80 000 BTC and are still selling, which definitely causes pressure on the market, and the law of supply and demand has taken its toll.
I think the effect from ETF has already been there and is like it has a particular time to start going back up (which we definitely don't know) to a more better price like more than the expected $50k. But my problem is that the delay is too much like we're going to see Bitcoin price back at $35k in a short while if care is not taken.
There is no problem here except that there were too many expectations around the ETF, but I have speculated before that maybe we should expect that the spot ETF will not have too much influence on the price of BTC, as was the case with the futures ETF. As much as one might think that any way that appears will cause a mass frenzy to own BTC, this is by no means the case.
Any way we look at it, I believe that less than 10% of people in the world have a positive opinion of Bitcoin - others still believe that it is some kind of ponzi scheme or means of money laundering, terrorist financing and similar things. Those who think otherwise should read what Gensler wrote after being forced to approve the spot ETF.
He pointed out that Bitcoin, which investors can now directly put money into through the new ETFs, is “highly volatile” and that crypto’s OG has been tied to things like money laundering and ransomware. “Bitcoin, itself, we did not approve, we did not endorse,” he said. “The only payment mechanism it’s being used for in sort of a, in a primary sense, is illicit activity,” he said in the interview.