That’s the amount of money that flowed into spot bitcoin exchange-traded funds (ETFs) just three days after they launched last week.
Now, $2 billion isn’t a tidal wave… But it is a record for daily ETF inflows.
So why has bitcoin’s price plunged 16% since the ETFs launched?
It may be a case of buy the rumor, sell the news.
After all, bitcoin ran up as much as 186% before the launch of the new ETFs. So we wouldn’t be surprised to see some profit taking.
But when it comes to spot bitcoin ETFs, we’re not even out of the top of the first inning.
According to a report from Reuters, some bullish analysts project inflows could reach between $50 billion and $100 billion by the end of the year.
That’s a 25–50x increase over the next 12 months.
The best advice we can give the anxious comes from Daily editor Teeka Tiwari, the most respected expert in crypto.
Let’s hear from the man himself…
I know some people were probably thinking, “As soon as the bitcoin ETF was approved, bitcoin should have shot up right away.”
But what I want you to really focus on is this: No matter what happens to the price of bitcoin over the coming days… My belief is that the next two years are going to be epic.
Yes, there will be a lot of volatility. Yes, there will be times when bitcoin’s down 30% or 40%. I don’t think that’s going away.
But the one thing you need to understand – at least for the next two years – is no matter how bleak it looks, you have to treat any volatility as a buying opportunity.
Because the prices ahead are going to be eye-watering. They’re going to be shocking. They’re going to be life-changing. We’re going to see a money train come into this asset unlike anything we’ve ever seen before.
To quote a famous Teeka motto, “Volatility is the price of admission to this asset class.”
In other words, the gut-wrenching downturns are the price you pay for the potential to experience those euphoric highs.
Look, everything is lining up in favor of bitcoin.
We see the demand is there ($2 billion in just three days is nothing to sneeze at). And we know the upcoming bitcoin halving in April will cut the incoming supply.
So be patient. Bitcoin is just taking a breather.
Instead, use this pullback to add to your bitcoin stack… and allocate a portion of that to quality altcoins.
That’s because Teeka believes a coming shock will send hundreds of tiny crypto coins soaring 10x, 50x, or 100x higher – in just days.
To help you prepare, he’s revealing his No. 1 FREE crypto investment for 2024 – no strings attached. Click here to get the ticker.
Editorial Director, Palm Beach Daily