The rush to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF) rejuvenated the bulls, but this news is likely to boost the price only to a certain distance. As the price moves up, the risks of a crash increase if none of the ETF applications are approved. Trading firm QCP Capital, for example, is not convinced that a spot ETF will see the light of day in the near term.

Another point of view came from Gemini co-founder Cameron Winklevoss, who said on June 21 that the “floodgates” for accumulating Bitcoin are “closing fast.” Similarly, MicroStrategy executive chairman Michael Saylor said that the opportunity to “front-run institutional demand for Bitcoin” was ending.

Bitcoin remains the center of attraction as its market dominance hovers near 50%. K33 Research analysis found that over the long term, Bitcoin investment has far outperformed an altcoin portfolio by a huge margin. Altcoins had their share of short-term outperformance in 2017 and again in 2021, but that could not sus

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Author: Rakesh Upadhyay

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