According to U.Today, the influence of Bitcoin Exchange-Traded Funds (ETFs) on the Bitcoin market may take longer to fully materialize than initially anticipated, according to leading traders. ETFs, which provide a new avenue for regular investors to invest in Bitcoin without directly purchasing the cryptocurrency, are believed to have a significant future impact on the influx of capital into Bitcoin. However, this effect is expected to unfold over several years.
The slow pace of traditional finance is cited as a reason for this gradual impact. While ETFs could potentially stabilize Bitcoin's price, this is contingent on clear regulations and continuous improvements in the crypto sector. Currently, the funds coming into Bitcoin due to ETFs are considered supplementary.
Bitcoin's current price hovers around $66,000, with potential support levels identified at approximately $63,700 and $56,435, corresponding to the 50 EMA and 100 EMA. If the price drops to these levels, it could potentially rebound. However, a fall below these lines might trigger a further decline.
The future of Bitcoin appears promising with the attraction of institutional funds. If ETF inflows persist, Bitcoin's price could potentially surpass the $69,000 mark in the foreseeable future. However, as ETFs are still evolving, their true impact on the market is yet to be fully realized. The attraction of traditional funds is a positive trend for the digital gold, but more time is needed to fully observe this effect on the market.