Benzinga - A crypto analyst on Sunday shed light on the peculiarities of the crypto markets, describing it as "both sad and amusing simultaneously. "
What Happened: ‘Sunnydecree' pointed out that major asset managers like BlackRock are actively seeking to enter the crypto space by filing for a Bitcoin (CRYPTO: BTC) ETF when the coin has been consistently trading at around $26,000.
"And yet, people are hesitant to buy Bitcoin, even when they’re advised repeatedly that it’s for their own good," Sunnydecree tweeted.
Markets are both sad and amusing simultaneously. #Bitcoin is consistently trading around $26,000, struggling to reach $30,000—which isn't even half of its previous all-time high. Meanwhile, BlackRock and some of the largest asset managers worldwide are filing for a Bitcoin ETF… pic.twitter.com/FfNBHOVHUP— sunnydecree (@sunnydecree) September 3, 2023
Will Crypto Boom In 2024? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
The analyst said, "Bitcoin is consistently trading around $26,000, struggling to reach $30,000—which isn’t even half of its previous all-time high."
Sunnydecree said the paradoxical behavior exhibited by individuals who only show interest in purchasing Bitcoin when its "price skyrockets to $100,000, $200,000, or maybe even $300,000, everyone, including their mothers, wants to buy Bitcoin."
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: This comes as the Securities and Exchange Commission (SEC) has once again delayed its decision regarding the approval of the nation’s first Bitcoin-focused exchange-traded fund (ETF) until October.
Price Action: At the time of writing, BTC was trading at $25,984, up 0.16% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed As Investors Weigh August Job Report: Analyst Predicts Altcoins To Go Dormant Before Exploding 200x In Upcoming Bull Run
Image by yuRomanovich on Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.