Those That Bought Bitcoin ETF's Are Now Getting Impatient And For Good Reason

The launch of the Bitcoin ETF’s earlier this year, was all the talk of the financial media for a short period of time. Meme images were created and distributed all across social media into their launch, the masses saw them, and piled into Bitcoin ETF’s. Gurus, such as Cathie Wood, also predicted that Bitcoin would go to a million, basically promising that anyone that bought the ETF’s would get rich.

The ETF buyers, though, are now getting impatient, and money is starting to flow out of those Bitcoin ETF’s. According to Coinshares, over on billion dollars has come out of the crypto market funds in the past two weeks, the largest amount of selling since they started to trade. The biggest selling came out of the Fidelity Bitcoin ETF’s, where I’d venture a guess more mainstream investors came from.

These people that bought these ETF’s had zero interest in the reality of Bitcoin. They didn’t care about having a “digital wallet,” “blockchain entry,” or any other such thing, because if they did they already would bought Bitcoin long ago. They didn’t want to really own any crypto, they only wanted to bet on the price predictions they were hearing and seeing in the meme images, and so the ETF was the easiest way for them to do that, and everyone was talking about it at the time, even on CNBC, so they didn’t want to miss out.

Those still bullish on Bitcoin argue that these folks just don’t understand Bitcoin and that is why they are selling.

They are fickle hands, they say, and that is true, because they are.

But, I’d say it’s not so much that they don’t understand Bitcoin, but that they realize that the promises of the Bitcoin gurus did not pan out. They are feeling now like they bought for a silly spur of the moment reason.

In fact, many may have looked and seen that Bitcoin does not even trade like they were told it does.