Skip to content Skip to sidebar Skip to footer

Bitcoin ETFs Drop But May Bounce Back

Bitcoin exchange-traded funds have been having a rough time lately, with money flowing out for five straight days. This marks the longest stretch of outflows we’ve seen in more than four months, which has got some investors feeling a bit nervous about what’s happening.

The numbers aren’t looking great right now. Over the past week, these Bitcoin ETFs have lost about $1.17 billion as people pulled their money out. The last time we saw something this bad was back in April when Bitcoin was trading around $79,000 and went through seven days of outflows.

But not everyone thinks this is all doom and gloom. Anthony Pompliano, who’s pretty well known in the crypto world, thinks Bitcoin might actually be oversold right now. He was on CNBC talking about how, at current prices around $112,343, Bitcoin could be undervalued.

Pompliano pointed out something interesting about timing too. He says September and October tend to be more active months for buying because people get back to their computers after summer. This seasonal pattern, combined with the fact that we’re in the year following Bitcoin’s halving event, might mean prices are ready to bounce back.

Still, even though he’s optimistic about the rest of the year, Pompliano doesn’t think Bitcoin will hit $1 million in this cycle.

Conclusion

While Bitcoin ETFs are struggling now, history shows that fall months could bring better days. Smart investors might want to watch for buying opportunities as the market cycles continue.

Also Read: Bitcoin Volatility Declines

Loading