Renowned
trader
Peter
Brandt
recently
provided
insights
on
the
Bitcoin
price
potential
market
movements,
projecting
a
challenging
period
followed
by
a
significant
rally.Sometimes
the
most
obvious
interpretations
of
a
chart
work
out,
most
of
the
time
the
charts
morph.
But
the
most
obvious
is
this:
Break
through
65,000,
then
mkt
goes
to
60,000
Break
through
60,000
mkt
goes
to
48,000
pic.twitter.com/JsXXVx2EhVentering
the
crypto
space
as
we
believe
there
has
likely
been
a
significant
rotation
away
from
digital
wallets
on
exchanges
to
the
new
spot
bitcoin
ETFs.
This
is
due
to
the
cost…
pic.twitter.com/l23mDv4Gmd
—
matthew
sigel,
recovering
CFA
(@matthew_sigel)
June
13,
2024
Moreover,
following
the
introduction
of
spot
ETFs,
there
has
been
a
noticeable
decline
in
BTC
reserves
on
exchanges,
indicating
that
while
ETFs
are
becoming
a
preferred
vehicle
for
Bitcoin
exposure,
the
overall
increase
in
institutional
demand
might
not
be
as
strong
as
previously
thought.
Related
Reading
JPMorgan
estimates
that
actual
net
flows
into
Bitcoin
ETFs
since
January
stand
at
about
$12
billion,
challenging
the
bullish
narrative
of
massive
institutional
demand.
Featured
image
created
with
DALL-E,
Chart
from
TradingView
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Author: Samuel Edyme
