ETF issuer speaks out about Bitcoin crash

Jurrien Timmer, Global Macro Director of Fidelity, one of the issuers of Bitcoin ETF, explained why the price of Bitcoin (BTC) fell. While Bitcoin continues to move horizontally after the approximately 7 percent decline it saw over the weekend, the investment company official said that he does not expect sales in the cryptocurrency to continue for a longer time. Sharing on social media platform X, Timmer said that the current trends in Bitcoin price are a short-term positioning rather than a reversal of a long-term trend. Although some predicted that Bitcoin could fall further and find support somewhere between $32,000 and $38,000, Timmer stated that he did not agree with these ideas. “My guess is that now that the big moment has arrived, it will take some time to consolidate the recent gains,” Timmer said. said.

“Bitcoin needs time”

Timmer: “Will this be a new chapter in the widespread adoption of Bitcoin as a commodity?” asked. Answering this question in his posts, the expert said, “It seems so, but it may take some time to get there.” said. As of press time, BTC/USD was trading at $42,684, down 746 or 1.72 percent since the previous trading session. The leading cryptocurrency Bitcoin ETFs rose to $49,000 on the first trading day last week.