Goldman Sachs points to Bitcoin ETFs as a major influence on BTC's price, suggesting that the halving might not have the anticipated impact. This shift in dynamics is reshaping market expectations.
Goldman Sachs highlights Bitcoin ETFs as a crucial factor influencing Bitcoin's medium-term price trajectory. The firm's analysis suggests that the upcoming Bitcoin halving, often seen as a significant market event, might not have as much impact this time around due to the maturity of the market and the influence of Bitcoin ETFs. David Mercer, CEO of LMAX Group, shares this skepticism, indicating that the current market dynamics differ from previous cycles. The anticipation surrounding Bitcoin's halving has contributed to its recent price surge, including a record high in March and a significant uptick this year.
Thomas Perfumo from Kraken emphasizes that the introduction of Bitcoin ETFs has shifted investor behavior, with interest and capital flow front-loaded before the halving event. This evolving landscape frames the halving as a milestone that might not lead to an immediate investment boom, contrasting with past patterns. Analysts remain focused on the delicate interplay between historical trends and new financial instruments as they assess Bitcoin's future.
