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According to a Coinbase analyst, Bitcoin‘s role as “digital gold” could sustain demand, particularly amid potential volatility mitigation from ETFs. David Han, an institutional research analyst at Coinbase, sees the comparison to gold as a key driver of continued interest in Bitcoin.
Han highlights that the recent launch of spot Bitcoin exchange-traded funds (ETFs) in the United States could contribute to stabilizing bitcoin’s price volatility by broadening access to capital. He believes this represents a significant shift in market structure compared to previous cycles.
In his report, Han emphasizes that the acceptance of bitcoin as digital gold could attract a new subset of investors, potentially leading to more aggressive buying during price dips. Despite ongoing volatility during price discovery, Han remains optimistic about bitcoin’s prospects, particularly in the current market regime.
Moreover, Han mentions the upcoming Bitcoin halving, expected around April 20-21, as a positive catalyst. While some traders may already have factored in the halving’s impact on price, the collective belief in a potential price rally associated with it could still influence market dynamics.
Overall, Han and his colleague David Duong maintain a constructive outlook for bitcoin throughout the second quarter, citing factors such as ETF launches, the Bitcoin halving, and other positive catalysts.
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