The release of Spot Bitcoin ETF data on Friday has significantly contributed to the uptick in BTC price. This release is the primary catalyst for the price surge. Despite GBTC experiencing an outflow of only approximately $50 million, reserves from other ETF issuers continue to grow. Excluding GBTC, which has surpassed the $10 billion threshold, ETF reserves could potentially lead to a revision upwards in targeted inflows for 2024.
Moreover, miners and other significant investors who speculatively triggered the sell-off during the recent event were mistaken. The introduction of a Bitcoin ETF, expected to drive prices higher in the medium and long term, is poised to become one of the most significant channels for attracting new investors into the crypto sphere.
Naturally, the surge was also anticipated due to the liquidation of short positions amassed in futures contracts.
The approaching halving event is also contributing to the increase in demand for Bitcoin.