Bitcoin’s price chart looks similar to when spot Bitcoin ETFs were launched in the United States — suggesting a breakout soon, though there are some differences this time around.
The recent decline in Bitcoin price has some similarities to its behavior after United States-based spot Bitcoin exchange-traded funds (ETFs ) launched in January, with one trader suggesting that this could mean an upswing in the “next week or so.”
Spot Bitcoin (BTC) ETFs were launched in Hong Kong on April 30, with around $217 million worth of net inflows since. However, the price of Bitcoin has fallen almost 7% since the products launched, according to CoinMarketCap data.
WhereAt Social co-founder and crypto trader Quinten Francois suggested the behavior holds similarities to the launch of spot Bitcoin ETFs in the U.S., which saw the price of Bitcoin fall 14% within 12 days of their launch before rising 7% over the following seven days.
