An ETF expert noted that 95% of the Bitcoin spot ETF investors Hodled their funds, despite a significant downfall in the trade price of Bitcoin.
Currently, 10 Bitcoin spot ETF products are available on the US stock exchanges. Retail & institutional investors can easily buy any amount of Bitcoin via ETF products.
Despite the high amount of money inflow in the Bitcoin spot ETF market, Bitcoin haters believe the majority of the BTC ETF buyers will sell their holdings in a panic. In short Bitcoin haters believe Bitcoin spot ETF buyers can’t go for long-term investment.
On 6 May 2024, Bloomberg ETF expert Eric Balchunas shared data on US BTC ETF buyers and noted that 95% of the ETF buyers HOLD-ed during a pretty nasty and persistent downturn in the trade price of Bitcoin, on 5 May.
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The ETF expert also shared his analysis of the Hong Kong-based BTC Spot ETF market and said that the current market cap of the Hong Kong BTC ETF market is equivalent to the $50 billion US BTC Spot ETF market.
In this way, Balchunas explained that the Hong Kong market is currently at a better level, on behalf of the actual size of the Hong Kong money market over the US.
Just a couple of days ago, on 5 May, we noted that the trade price of Bitcoin crashed by nearly 7% and that was enough to create huge panic among the retail & new Bitcoin investors but suddenly a day after the market grabbed a significant recovery.
The current trade price of Bitcoin is $64,228 & this trade price is 1.43% down over the last 24 hours.
On the same day of recovery, a popular Bitcoin analyst Rekt Capital noted that Bitcoin successfully followed its post-bitcoin halving pattern to follow the parabolic pump phase.
Read also: Nigeria to introduce new crypto laws & ban P2P crypto trading
Expert says 95% of Bitcoin spot ETF holders seem long-term investors
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