Despite the challenging environment, 2023 ushered in a new wave of optimism with significant institutional movements, notably BlackRock’s application for a Bitcoin spot ETF in June, which was later approved.“On the 16th of June, BlackRock applied for a Bitcoin spot ETF […] This not only signaled a positive catalyst on the horizon but a paradigm shift in the way BTC was being viewed by major institutions,” Deutscher highlighted, pointing to a critical moment that potentially marked the beginning of a new era for Bitcoin and possibly the broader crypto market.
Understanding The Crypto Bull Run Dynamics “From March 2020 until November 2021, the crypto market rallied 2,672%, with many alts pulling 50-100x+ multiples,” Deutscher states, pointing to a period characterized by significant financial stimulus and increased public interest due to global lockdowns.
As of January 2024, the crypto market had seen a surge in Bitcoin prices, reaching new all-time highs following the successful launch of the ETF.“Over $17b has flowed into the BTC spot ETFs so far this year,” Deutscher notes, underscoring the significant impact of institutional investment on Bitcoin’s valuation and the broader market sentiment.
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