For the first four months of the year, Bitcoin's (CRYPTO: BTC) investment thesis focused on the launch of the new spot Bitcoin ETFs in January. That made a lot of sense since they represent a potentially vast, untapped source of new money flowing into Bitcoin. As a result, Bitcoin soared from $45,000 in early January to a new all-time high of $73,750 in March.

But now something entirely unexpected is happening. Investor inflows into the new Bitcoin ETFs are slowing, the recent debut of spot Bitcoin ETFs in Hong Kong fizzled, and the price of Bitcoin is down 20% from its March peak. So is it time to rethink the ETF investment thesis for Bitcoin?

It's important to put the recent launch of the U.S. spot Bitcoin ETFs into a global context. If anything, the U.S. was late to the spot Bitcoin ETF party. Prior to the new Bitcoin ETFs launching in January, there were already more than a dozen other spot Bitcoin ETFs around the world, including in key markets such as Canada, Germany, and Brazil.

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Source Fool.com