The price of Bitcoin rose to one-and-a-half-year high during the last week of October, fueled by growing expectations of an impending approval for a Bitcoin exchange-traded fund (ETF) by US regulators, igniting fresh enthusiasm for the cryptocurrency as a potential new investment avenue. Subsequently, influencer conversations around “Bitcoin” on social media platform “X” saw a 70% rise on 26 October 2023, when compared to the previous month, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.
Bitcoin ETF frenzy is marked by a mix of excitement, skepticism, and a call for a more nuanced perspective. The potential approval of a Bitcoin ETF is seen as a significant development in the cryptocurrency market, with its implications extending beyond just price movements.
Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Influencers predominantly exhibit favorable sentiments, with many expressing enthusiasm and positivity regarding Bitcoin’s recent price surge. They also discuss critical support levels in Bitcoin’s price, indicating its resilience and the potential for future price escalation. However, a minority of influencers remain skeptical of the Bitcoin ETF rumor, citing the intricate and ever-changing nature of the cryptocurrency.”
Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:
“Bitcoiners, you should take great pleasure in the gold move, gold is more widely distributed and often moves first like it did in 2019, 2020. Gold sees around corners and smells what is coming. Bitcoin will follow and run harder.”
“How many times can #Bitcoin rally on the same ETF rumor? Once a U.S. Bitcoin EFT is approved, or $GBTC is able to convert into an ETF, there will be no more “good” news for Bitcoin to rally on. After years of buying the rumor, everyone will finally be able to sell the news.”
“$34k BTC today! I guess we’re getting a Bitcoin ETF ..The best part about this is that retail has been front-running institutions for about 14 years now on this trade…Congrats everyone!”
“If you are excited by bitcoin pumping in price, take a chill pill. You did this last cycle. Don’t count every $1k please. If you are confused by why bitcoin is pumping, spend a couple hundred hours on it. It’s bigger than you think and institutional capital now understands this.”
