A major shift in US cryptocurrency regulations has set off a surge of excitement for Bitcoin (BTC) and injected fresh optimism into the altcoin market. Notably, a group of Congress members is pushing for the approval of spot Ethereum (ETH) exchange-traded funds (ETFs), urging SEC Chair Gary Gensler and his colleagues to give the green light during Thursday’s session.
Adding to the momentum, the US Congress overwhelmingly passed the FIT21 bill, ushering in a new era of clear crypto regulations in the world’s largest economy.
Recent analysis by IntoTheBlock reveals a significant increase in Bitcoin accumulation among large investors, known as whales, who hold between 1,000 and 10,000 BTC each. These big players have stepped up their buying spree in the past few days, collectively acquiring a whopping 20,000 BTC valued at around $1.4 billion in just seven days.
At the same time, spot Bitcoin ETFs have seen a flurry of cash pouring in, totaling an impressive $1.7 billion over the past eight days. This surge in institutional investment underscores growing interest in digital assets and hints at a continued bullish path for Bitcoin.
More than a month after the fourth Bitcoin halving, demand for the leading cryptocurrency remains high, with countries worldwide racing to acquire these limited digital assets. However, despite this upward trend, Bitcoin has faced strong resistance around the $72,000 mark, leading to a dip below $68,000 on Thursday.
With speculation mounting over the potential approval of spot Ether ETFs, an increasing number of Bitcoin traders are turning their attention to Ethereum, anticipating a potential price surge. This shift in sentiment reflects a growing recognition of Ethereum’s utility and long-term potential within the crypto market.
Analyzing Bitcoin’s Bull Cycle
Drawing comparisons to the historic bull run of 2017/2018, popular crypto analyst Quinten | 048.eth suggests that Bitcoin’s current price trajectory resembles that of its previous cycle. However, with the influx of institutional investors into the market, Quinten predicts that this bull cycle will surpass the heights of the 2017 crypto bubble.
Also Check Out : What’s Next for Crypto Regulation After FIT21 Passes in the House?
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