Bitcoin ETF Euphoria Fades, Pushing Prices Sharply Lower

Bitcoin ETF Euphoria Fades, Pushing Prices Sharply Lower

The price of the cryptocurrency is down $16,000 from its highs.

Senior ETF Analyst
Reviewed by: Staff
Edited by: James Rubin

Bitcoin’s tumble over the past month has wiped out a good chunk of its post-ETF-approval gains.

The cryptocurrency was last trading around $57,600, up 25% from its $46,000 level on Jan. 10, the day before 10 spot bitcoin exchange-traded funds began trading in the U.S.

Bitcoin's price topped $73,000 in March as bitcoin ETF hype reached a crescendo. But interest in the products has cooled since then, and it’s become clear that much of the inflows into the funds since their debut has been arbitrage-related. 

With ETF demand waning, and without a strong bullish narrative acting as a tailwind, bitcoin's price has slumped. 

Zooming out, bitcoin has almost quadrupled since dropping near $16,500 in late 2022 at the depths of the last bear market. The largest crypto by market value is trading roughly at levels it reached in 2021 when demand for crypto assets jumped. 

Bitcoin Underperforms Mega Tech

Sure, bitcoin's current levels might be considered a victory by some, and the cryptocurrency is doing much better than many of the speculative assets that crashed and burned in 2022.

But it is underperforming mega cap tech stocks, which have been soaring thanks to the AI boom.

Bitcoin’s performance since the heady days of 2021 is mediocre, and that’s a function of the type of asset that it is: volatile, unpredictable and still in its early years. While crypto still holds promise, it’s been overshadowed by AI as the most exciting new technology of the moment. IBIT six-month fund flows

ETFs injected a dose of thrill into the bitcoin market earlier this year, but the hype has faded for now. A new bullish narrative or a push higher in animal spirits across financial markets may be needed to reinvigorate bitcoin prices and send them back toward the all-time highs set in March. 

Sumit Roy is the senior ETF analyst for, where he has worked for 13 years. He creates a variety of content for the platform, including news articles, analysis pieces, videos and podcasts.

Before joining, Sumit was the managing editor and commodities analyst for Hard Assets Investor. In those roles, he was responsible for most of the operations of HAI, a website dedicated to education about commodities investing.

Though he still closely follows the commodities beat, Sumit covers a much broader assortment of topics for, with a particular focus on stock and bond exchange-traded funds.

He is the host of’s Talk ETFs, a popular video series that features weekly interviews with thought leaders in the ETF industry. Sumit is also co-host of Exchange Traded Fridays,’s weekly podcast series.

He lives in the San Francisco Bay Area, where he enjoys climbing the city’s steep hills, playing chess and snowboarding in Lake Tahoe.