Mar 20, 2024 - Economy

Charted: Bitcoin newbies' wild ride

Data: CoinGecko; Chart: Axios Visuals
Data: CoinGecko; Chart: Axios Visuals

ETFs have been touted as an entry point for new investors to bitcoin.

  • For any newbies that jumped in the game since trading started in January, it's been a wild ride.

They've seen a record high for the so-called orange coin. 🥳

  • And they've seen it fall more than 11% since. 😕

What they're saying: "The ETFs are being used as a small 'hot sauce' allocation to core portfolios, meaning investors will have a greater tolerance for volatility," Bloomberg Intelligence analysts noted earlier this month.

  • Yes, but: The recent downturn hasn't sent ETF investors for the exits. So far they appear strapped in for the ride.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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