After failing to sustain the new ATH of about $66,900 from a week ago, Bitcoin carries its fall, as the enthusiasm for Bitcoin ETFs wanes away. BTC is now worth a bit over $61,000.
Then again, a pullback was expected and even more downside volatility could follow. The price rally of about 40% over the previous month came as a result of the enthusiasm investors had for the release of the first Bitcoin futures-linked ETF in the US.
According to CoinDesk, the fall was expected by some, such as the co-founder of Blockforce Capital, Charlie Silver, who explained:
Meanwhile, an analyst at DailyFX, Nicholas Cawley, said:
At the same time, managing director of technical research firm Fairlead Strategies, Katie Stockton, declared:
As of now, the returns of the funds of ProShares aren’t matching the performance of bitcoin in crypto markets, which was the thing that ETF was meant to track. ProShares ETF began trading on October 19th but BITO shares have fallen by 2.45% since then. Meanwhile, Bitcoin was down only 1%.