Perhaps this is why the bitcoin spot ETFs are yet to send crypto prices to the moon
The long-awaited launch of bitcoin spot ETFs in the United States this year helped engender a wave of optimism that the value of the well-known cryptocurrency would quickly appreciate. The logic was simple: With an easy, low-cost avenue now available for regular investors to purchase bitcoin, the supply-demand curve would shift and the value of each bitcoin would rise.
But the response has been somewhat mixed. While the value of bitcoin has nearly doubled in the past year to around $43,000 today, it has largely…