Bitcoin ETF fondsen seem ready to enter again after SpaceX IPO

The hype surrounding the SpaceX IPO may die down next week, after which Wall Street trading funds will have to decide in which pot to park their money: SpaceX, which is trading at 92 times annual turnover, or Bitcoin, which is trading at a two-year low. Crypto fans are certainly hoping they choose the latter.

Musk

It is clear that part of the Bitcoin loss over the past month is due to the shift of investments deemed risky from Bitcoin to the SpaceX IPO. Now that the IPO is behind us, analysts believe we will see the first profit-taking by early SpaceX investors as early as next week, it is not inconceivable that Wall Street funds will look at Bitcoin again.

After all, the first trading days of a major IPO like SpaceX’s revolve increasingly around scarcity, emotion, index expectations, and FOMO rather than sober valuation.

The largest digital currency had a good bounce this week after hitting a low of $59,100 (just like in February of this year). Although we are still not seeing a crypto market panic reaction like was the case in 2022 and 2018, analysts nevertheless believe that a relief rally is in order in the coming weeks;

Bitcoin ETF funds appear likely to become very important in this regard; in recent months, you primarily saw ‘boomer’ investors (those aged over 60) exiting these funds to invest some money in SpaceX.

If Musk’s rocket company indeed records profit-taking next week, which is not unlikely, it is quite possible that those boomers will choose to invest in a Bitcoin ETF again.