Blockstream chief executive Adam Back thinks Bitcoin (BTC) exchange-traded fund (ETF) inflows will have a gigantic impact on the top crypto asset.
The longtime Bitcoin veteran says on the social media platform X that ETF inflows will have a 30x larger effect than the BTC halving, which is currently slated for April 18th.
“And a lot of TradFi (traditional finance) led by broker sentiment are momentum buyers: price goes up due to smart-money, they say buy, creates news, they buy more, etc.”
Back is an early Bitcoin investor and the inventor of Hashcash, a proof-of-work system that was later incorporated into the BTC mining process. The Blockstream CEO also notes that BTC’s fundamentals are currently “off the charts.”
“Early bull market. Halving close. ETF volume growing (Fidelity’s FBTC higher inflow than BlackRock’s IBIT [in the] last two days) showing good new investor reach.”
Back thinks Bitcoin’s price could be down recently due more to fear, uncertainty, and doubt (FUD) than structural net selling. The Hashcash inventor says there doesn’t seem to be any “plausible big net-sellers left.”
“People can create their own dip, selling in fear plus hope to buy lower. But weak hands typically mistime that on average, as they set the bottom. and end up buying back higher.”
Bitcoin is trading at $39,248 at time of writing.
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