Was bitcoin overbought before ETF launch?

In the context of the recent launch of Bitcoin-related Exchange Traded Funds (ETFs), there have been many discussions surrounding the state of the Bitcoin market prior to this event. The question of whether Bitcoin was overbought before the ETF launch is a crucial one for investors and market analysts alike. Prior to the ETFs, Bitcoin experienced a significant surge in value, reaching record highs. This rapid appreciation begs the question: was this rise in value a result of genuine market demand, or was it driven primarily by speculation and short-term interests? Understanding the dynamics of the market before the ETF launch is essential for gauging the potential impact of these new financial products and assessing the longer-term prospects for Bitcoin.