Bitcoin (BTC-USD) is gaining back ground as it hovers below $67,000 Monday morning, re-approaching its all-time high reached in November 2021. The cryptocurrency's resurgence is thanks in part to the demand for spot bitcoin ETF offerings, approved by the Securities and Exchange Commission (SEC) in January.
Bitwise Asset Management CIO Matt Hougan — whose firm manages its own spot bitcoin ETF (BITB) — sits down with Yahoo Finance to talk about the activity bolstering digital asset prices, what trend could be detrimental to bitcoin's progress, and the importance of the 2024 US presidential election on crypto regulation.
"The thing that could stop bitcoin from rallying is if long-term bitcoin investors decide to sell. The ETF is soaking up more than 100% of the net new supply, so it's only when people who have been holding bitcoin for six months, a year, two years, three years, decide to sell that we could see prices pull back because I don't see the ETF demand going anywhere," Hougan explains.
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