On Thursday, Bitcoin moved away from its historic high reached a day earlier after the debut of the first bitcoin exchange-traded futures fund in the United States. However, analysts doubt its impact on investment flows in cryptocurrency, given that more such ETFs will be launched.
Bitcoin's rally, six months after the previous high of $64,895, was triggered by the launch of the ProShares Bitcoin Strategy ETF.
It is worth noting that more Bitcoin futures ETFs will be launched soon, with the Valkyrie Bitcoin Strategy ETF set to begin trading on the Nasdaq on Friday under the BTF ticker. This was confirmed by Nasdaq and Valkyrie. According to the Chicago Board Options Exchange Cboe, the VanEck Bitcoin Strategy ETF under the ticker XBTF is scheduled to launch next week.
Investors were betting that the long-awaited launch of the bitcoin ETF would lead to increased investment by both retail and institutional investors.
However, some analysts of large banks have expressed doubt about how long the Bitcoin price growth from the ProShares ETF, which is traded under the ticker BITO, will last.
Some market participants see inflationary risks rather than new investment products as driving the recent bitcoin rally, while others predicted that Bitcoin's latest peak would lead to further growth this year.
According to Matt Dibb, chief operating officer of Singapore-based Stack Funds, the first cryptocurrency could grow to $80,000-$90,000 by the end of this year. According to him, traders have started shifting money into buying bitcoin futures in the last few days, which signals the possibility of a pullback.