However, there is something mentioned in the article that implies that spot ETFs might not be as bullish as we might expect. It is mentioned that the take up on futures ETF in Hong Kong has only been modest. I assume the take up on futures ETF in America has also only been modest? Can the data on bitcoin futures ETF be used as a precedent on how strong or weak spot ETFs might be?
I am of the opinion that the moment of official acceptance of the ETF will be the perfect place to close short-term longs on bitcoin, because in my opinion the whole thing is highly overhyped.
I can't imagine anyone who would like to have exposure to bitcoin price change and doesn't have it due to the lack of an ETF. Seriously, even if you dont trust crypto exchanges or don't know how to store your crypto, my regulated broker that I use to buy stocks and bonds from around the world has 140 crypto pairs available in the form of CFDs.
people are so hyped that they expect that spot etf will do to the price of bitcoin what it did to the price of gold, except:
To tell you the truth, I personally am more skeptical that this ETF will give as much to Bitcoin as it did to gold. Gold is hard to buy, hard to sell, each transaction carries the risk of fraud (fake gold), requires a physical transfer to the mint/store and has a huge spread. Gold ETF solved all these problems and made it possible for you to buy physical gold in 2 clicks from home. The same cannot be said for bitcoin, because bitcoin is like gold with build in ETF. It's easy to buy, easy to sell, divisible to cents. And it's not like the ETF will open doors to big institutions either. Microstrategy didn't need an ETF to buy nearly 1% of all bitcoins.
I will also add that hardly anyone adds to this comparison the fact that gold has been in consolidation for 20 years and sooner or later it would explode. This was done
2 years after the introduction of the ETF. There is no evidence that there is any causality here. The price did not explode on the listing day.