Mike McGlone, a Senior Macro Strategist at Bloomberg Intelligence, stated via X that the performance of Bitcoin ETFs pales in comparison to gold. He explained, "The launch of US Bitcoin ETFs might 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 gold increased by about 135% during the same period." He further emphasized, "The investment frenzy for Bitcoin ETFs played a role in driving up prices. It is possible that this was a signal marking the beginning of a peak cycle."
