Everyone expected BlackRock's entry to the BTC ETF race to be a catalyst for sharp price expansion, but are those hopes dashed now that Bitcoin price is down?
However, it's important to note that the prediction didn't specify the timing of this event or the exact support level. As a result, the statistical foundation of this hypothesis becomes less certain.
First and foremost, BlackRock has built a reputation as a respected financial institution based on its commitment to market stability and investor confidence. A sudden and substantial drop in Bitcoin's value could undermine the overall credibility of the cryptocurrency market, something BlackRock would aim to avoid. The priority of maintaining the market's legitimacy might outweigh any immediate gains resulting from a low Bitcoin price.
Lastly, instilling investor confidence is of paramount importance when introducing any investment product, particularly a novel one like a Bitcoin ETF. A sharp Bitcoin price drop could erode trust among investors, not only in the asset class itself but also in the ETF.
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