On Thursday -- just 30 minutes after the launch of the first US spot ETFs -- bitcoin touched a 21-month high of $49,051.The peak of the hype in the first half hour is exactly what you would have expected but in the two days that followed, it's fallen 12%, raising some big questions about what comes next.First off, there was no way the results were going to match the hype. US investors already have plenty of ways to access bitcoin, including via Coinbase and other exchanges, the BITO futures ETF and many other highly-correlated products. There's something to be said about a pure spot ETF that owns the underlying asset but how big is the market for it really?The results from the first two days
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