Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, stated via X that the performance of Bitcoin ETFs is meager compared to gold. He explained, "The launch of US Bitcoin ETFs may have been a signal marking the end of the cryptocurrency price rally." He added, "Since BlackRock IBIT began trading in January 2024 until April 8, Bitcoin rose by approximately 50%. This is almost on par with the S&P 500 index, but during the same period, gold rose by approximately 135%." He further emphasized, "The investment frenzy surrounding Bitcoin ETFs played a role in driving up prices. It's possible it was a signal marking the beginning of a peak cycle."
