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 BTC/USD 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.
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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."
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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.
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