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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Bitcoin

Bitcoin ETFs Set To Influence BTC’s Price? Expert Breaks Down The Connection

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As Bitcoin continues to initiate a major price recovery, market strategist and investor, Joao Wedson has offered an in-depth examination of how the BTC Exchange-Traded Funds (ETFs), particularly the German investment fund ETC Group Physical Bitcoin (BTCE) might affect the price of the cryptocurrency asset. His research comes at a critical junction when investors are keeping a careful eye on events and developments that may influence the prospects of BTC in the long and short term.

Correlation Between BTC ETF And The Price Of Bitcoin

The introduction of the Bitcoin ETFs marked a significant milestone for the BTC and the cryptocurrency landscape, triggering major rallies in the market. However, crypto investor, Joao Wedson has broken down the connection of the products with BTC’s price, pointing to recent trends and changes in the fund’s behavior.

Related Reading: Navigating The Bitcoin Bear: Analyst Outlines Most Objective Rules For BTC

Emphasizing the subject, Wedson noted that following the inception of BTC ETFs, the German investment fund ETC Group Physical Bitcoin with the ticker, BTCE, has been gradually decreasing its BTC holdings. He further mentioned that the fund has historically been related to the movements in BTC, drawing attention to a scenario in 2020.

According to the expert, in 2020, the company expanded its positions from 0 to 23,480 BTC, and at the same time, the crypto asset witnessed its first historical peak in April 2021. Also, when the firm’s BTC holdings began to decrease, the price of Bitcoin simultaneously declined in most cases.

Presently, the company’s reserves, which peaked at 27,980 BTC in January 2024, have been declining since then and are currently less than 17,000 BTC. This simply means that the German ETC Group has been cutting their positions on a daily basis. However, despite the constant reduction of holdings, the expert has highlighted that compared to the previous scenario, the impact on the value of BTC has not been significant.

Furthermore, Wedson including a 30-day variance study has stated that while negative variations are typically tied to local lows and price declines, positive variations are linked to an increase in the price of Bitcoin. “The exception is the most recent movement, where Bitcoin rose while the fund continued to liquidate its positions and has been doing so since then,” he added.

As investors navigate the volatility of BTC, Wedson has underscored the need to keep an eye on the fund’s development and the effects of these changes on Bitcoin’s price to gain a deeper understanding of new connections and market patterns.

Massive Adoption Of BTC Amidst Market Uncertainty

While retail investors have been on a selling spree, Bitcoin For Freedom, a crypto enthusiast has cited an increase in the adoption of BTC at the institutional level.

Related Reading: Bitcoin’s Bullish Future: Why BTC’s Long-term View Still Looks Promising

According to the enthusiast, as the general public sells, spot ETFs have acquired over 1 million BTC, Michael Dell is discussing BTC, Goldman Sachs holds $500 million in BTC, Blackrock ETF has purchased over 5,000 BTC in a period of 5 days, among others.

Bitcoin
BTC trading at $60,961 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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