Bitcoin ETF holders having “stronger hands” will lower Bitcoin’s volatility over the long term, says an analyst.
Bitcoin’s relatively stable price movements despite macroeconomic uncertainty is likely due to resilient spot Bitcoin ETF holders and Michael Saylor’s firm continuing to buy aggressively, according to a Bloomberg analyst.
“The ETFs and Saylor have been buying up all ‘dumps’ from the tourists, FTX refugees, GBTC discounters, legal unlocks, govt confiscations and Lord knows who else,” Bloomberg ETF analyst Eric Balchunas said in an April 16 X post.
Balchunas pointed out that spot Bitcoin (BTC) ETFs have attracted $131.04 million over the past 30 days and are up $2.4 billion since Jan. 1. Balchunas called this “impressive,” noting it helps explain why Bitcoin has “been relatively stable.”
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