GBTC - Bitcoin Could Be In For A 70% Plunge Says Fund Manager After Apex Crypto Fails To Take Off On Spot ETF Launch: 'We Have Seen This Move Before' | Benzinga
Bitcoin (CRYPTO: BTC) flattered only to deceive. The big surge that many investors expected following the spot Bitcoin exchange-traded fund approval did not materialize and the apex crypto has been on a downtrend since topping just under $49,000 a day after the approval.
A fund manager on Saturday warned that the apex crypto could be headed much lower in the days to come.
What Happened: Bitcoin will likely give up much of its 184% gain it made over the past year, said Future Fund Managing Partner Gary Black. The analyst attributed his bleak outlook to expected institutional interest not materializing and famed investors such as Warren Buffett as well as financial industry veterans such as JPMorgan’s Jamie Dimon warning against Bitcoin’s lack of intrinsic value.
After the first week of the launch of 11 new spot Bitcoin ETFs, these funds saw a relatively modest $1 billion net inflows or $3.3 billion in gross inflows, far less than what Bitcoin bulls were modeling. This is excluding the $2.3 ...