CandleFocus Bitcoin ETF Flows Are 'Massive Red Flag,' Analyst Says
2024-11-03
Author: Content Editor
Jim Bianco of Bianco Research is skeptical about the success of Bitcoin exchange-traded funds (ETFs), stating that the concentration of Bitcoin in traditional finance should be seen as a red flag. Despite bullish catalysts such as ETF inflows and a Federal Reserve rate cut, the price of Bitcoin has not reached $100,000 as expected. Bianco notes that while gold ETFs receive fresh money, Bitcoin ETF flows are mostly on-chain or centralized exchange money, which is why the Bitcoin price is struggling to rise. This analysis has received criticism from Bitcoin enthusiasts, who point out that Bitcoin has outperformed gold on a year-to-date basis. The price of Bitcoin recently dipped to $67,000.
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