tl;dr
The approval of spot Bitcoin ETFs in January led to a surge in demand for BTC, but eight months later, interest in these products is declining. According to Jim Bianco, CEO of Bianco Research, the assets in all 11 US spot Bitcoin ETFs have dropped from $62 billion in June to $46 billion, resulting i...
Bitcoin ETFs have not lived up to the pre-launch hype, as their assets have plummeted and new money inflows remain limited. This indicates that they are not yet a mainstream adoption vehicle for traditional finance investors.
Despite underperformance, Bitcoin ETFs still have potential to drive traditional finance adoption, contingent on future market developments such as the Bitcoin halving in 2028 and advancements in on-chain tools across DeFi and NFTs.
The approval of spot Bitcoin ETFs in January led to a surge in demand for BTC, but eight months later, interest in these products is declining. According to Jim Bianco, CEO of Bianco Research, the assets in all 11 US spot Bitcoin ETFs have dropped from $62 billion in June to $46 billion, resulting in a $2.2 billion unrealized loss for ETF holders. Contrary to expectations, the funds have not attracted significant new money from traditional finance investors, with most inflows coming from on-chain holders moving to traditional finance accounts.
Bianco believes that Bitcoin ETFs still have the potential to drive traditional finance adoption, but it will require more time, the next Bitcoin halving in 2028, and significant development of on-chain tools across DeFi and NFTs.
He stated that the funds have received “very little new money” and a majority of the recorded inflows were from “on-chain holders moving back to TradFi accounts.” Bella revealed that the investment giant BlackRock has confirmed the limited presence of financial advisors in the Bitcoin ETF space.
Bianco concluded by pointing out that Bitcoin ETFs still have the potential to drive TradFi adoption, speculating that the next Bitcoin halving in 2028 and significant development of on-chain tools across DeFi, NFTs, and more will likely drive the adoption of Bitcoin ETFs.
More about C3 Ai Inc
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C3 Ai Inc (C3), a company in the technology and services-prepackaged software sector, currently has a market capitalization of $2.7 billion. The stock price has experienced a -2.28% change over the last trading session, closing at $25.94. The trading volume stood at 325,433,000 shares. The Relative Strength Index (RSI) is calculated at 2.674, indicating a neutral position. The stock is currently trading around its 20-day moving average, showing a value of -0.855. Additionally, the stock is exhibiting a bullish trend with a positive 0.205 value above its 200-day moving average.
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As a seasoned Technical Analyst with over 25 years of experience in the stock market, my approach is fundamentally data-driven, delving deep into market charts, trends, and a wide array of technical indicators.
I utilize terms like 'support and resistance levels,' 'breakouts,' 'head and shoulders pattern,' and indicators of 'bullish or bearish trends' with precision to enlighten and guide my audience through market analysis.
My analyses are straightforward, laser-focused on the implications of findings, navigating the delicate balance between providing clear, actionable insights and acknowledging the inherent uncertainties of market prediction.
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