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Bitcoin

Bitcoin ETF Alert: Analyst Issues Major Warning – Brace For Impact

Christian Encila
by Christian Encila
1 year ago
·
Posted in Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Samson Mow, a well-known Bitcoin advocate, has expressed his belief that the latest outflows will eventually reverse, cautioning the crypto community to “plan accordingly.”

Responding to concerns raised about potential decreases in Bitcoin’s price due to negative market sentiment, Mow emphasized the fundamental drivers of the leading cryptocurrency, highlighting its ultimate scarcity and unlimited demand.

Related Reading: Crypto In The Spotlight: Estonia Greenlights Regulation Bill

Bitcoin Will Prevail, Mow Says

He dismissed market sentiment as a significant concern, suggesting that Bitcoin’s intrinsic qualities will prevail.

Amid these developments, spot-based Bitcoin exchange-traded funds (ETFs) have experienced significant outflows, sparking concerns within the cryptocurrency community.

Over the course of just three days this week, spot ETFs witnessed staggering outflows amounting to over $700 million. BlackRock’s IBIT, the largest Bitcoin ETF, has also experienced a notable decline in daily inflows.

All #Bitcoin ETF outflows will eventually become inflows. Plan accordingly.

— Samson Mow (@Excellion) March 21, 2024

Once the leader in the market, it has seen its daily inflow plummet to $49 million, marking the lowest amount recorded in the past weeks. This decline in inflows adds to the growing concerns surrounding the state of Bitcoin ETFs.

A key factor driving investors to exit Grayscale is the company’s higher fees when compared to its competitors in the ETF market. Lower fees offered by other providers have enticed investors away from Grayscale, leading to the substantial outflows witnessed recently.

BTCUSD trading at $65,394 on the weekly chart: TradingView.com

Experts attribute these outflows largely to a massive withdrawal of BTC from Grayscale Bitcoin Trust (GBTC), which has been plagued by consistent outflows ever since the US Securities and Exchange Commission (SEC) allowed the conversion of GBTC into a spot ETF.

Factors Contributing To The Outflows

Moreover, the SEC’s approval of the launch of 10 spot Bitcoin ETFs on January 11 further contributed to the outflows. In addition to his comments on ETFs, Mow also shared his views on the potential approval of ETFs based on the Ethereum spot trading price.

He believes that Ethereum (ETH) should be classified as a security and expects the SEC to eventually deem it as such. He criticizes the SEC’s approval of ETH futures ETFs, considering it a significant mistake.

Related Reading: Montenegro Orders Do Kwon Extradition To South Korea – Details

Mow’s warning regarding the potential reversal of outflows adds an element of uncertainty to the situation. As the cryptocurrency community grapples with these developments, industry experts will closely monitor the market to assess if Mow’s prediction of a reversal comes to fruition or if further challenges lie ahead.

While the future of Bitcoin ETFs remains uncertain, the resilience of the cryptocurrency market has been tested time and again. Investors and enthusiasts will closely keep an eye on the developments in the coming days, hoping for stability and renewed confidence in the digital asset space.

Featured image from Markus Spiske/Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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