The internet is buzzing with Bitcoin memes, fueled by the monumental success of the cryptocurrency this year. As we approach the highly anticipated 2024 halving, the excitement and sense of destiny surrounding it only continues to grow.
But it’s not just the halving date of 4/20 that has everyone talking. The recent surge in popularity of Bitcoin exchange-traded funds (ETFs) has only added to the hype, making this halving event one for the books.
In fact, some market experts are calling it “too perfect” – a harmonious convergence of events that seems almost too good to be true. So, let the memes keep flowing and let’s see what fate has in store for Bitcoin in 2024.
A meme-filled Bitcoin halving
The current state of BTC’s price movement may seem stagnant during this halving, but its timing has sparked a sense of destiny for some.
In a recent X (formerly known as Twitter) post, Eric Balchunas, a renowned ETF expert at Bloomberg Intelligence, uncovered a fascinating coincidence on the day of the halving.
Not only did this monumental event fall on April 20th – a date famously associated with the “4/20” meme – but the largest US-based Bitcoin ETF experienced a remarkable 69 consecutive days of inflows.
“It’s almost too good to be true,” Balchunas remarked, hinting at a deeper significance behind these synchronicities.
March saw a peak in investments, but since then, the market has taken a dip. However, amidst this uncertainty, the iShares Bitcoin Trust (IBIT) by BlackRock remains strong, with not a single day of outflows.
But hold on to your seats, because the latest data from Farside, a leading investment firm in the UK, suggests a potential comeback for ETFs. Momentum seems to be picking up again, leaving investors wondering: what’s next for the volatile world of Bitcoin ETFs? Will they continue to rise or is this just a temporary surge? Stay tuned as we dive into the exciting world of cryptocurrency investments.
Bitcoin ETF performance divides opinion
As the first quarter comes to a close, investors are buzzing about the latest 13F filings. But instead of excitement, there’s growing concern that Bitcoin ETFs are failing to capture the attention of the masses.
The disappointment was palpable as renowned macro researcher, Jim Bianco, delved into the allocation data. He couldn’t hide his disappointment as he revealed the shrinking unrealized gains. In a Twitter thread, he lamented the lackluster performance of ETFs in comparison to the current rise of Bitcoin.
Exclusive; Will Bitcoin Halving Drive Price Up?
But don’t count out the ETFs just yet. In a surprising twist, Eric Balchunas, ETF expert, likened the products to a popular condiment – hot sauce. Just like how hot sauce can add flavor and spice to any dish, asset managers may soon