Bitcoin's fourth halving is already in history, with the block reward reduced to 3.125 BTC. Historically, this event has been labeled as the catalyst for a new bullish cycle, but there is now much debate, with many arguing that the effects of this halving are waning.
But aside from that, there are many other bullish developments on the Bitcoin front that could get you excited in the coming months.
ETF development
Perhaps the most bullish news of the year came in mid-January, when the U.S. Securities and Exchange Commission finally gave permission for nearly a dozen spot Bitcoin ETFs to begin trading on local exchanges. In just a few months, these products, led by his IBIT at BlackRock and his FBTC at Fidelity, have amassed billions of dollars worth of his BTC.
This demand inevitably led to a rise in spot BTC prices, with the cryptocurrency nearly doubling in value to the US dollar and hitting new all-time highs ahead of its first-ever halving.
However, BTC's price growth stopped as inflows dried up and it started to turn negative several times, leaving the asset down about 10 grand from its March peak. Reports on the issue argue that these ETFs are essential for Bitcoin to continue to grow as an asset.
But this ETF's downward trend could soon change, at least according to the next three items on our list.
BNY Mellon, one of the oldest and largest banking organizations in the United States, recently disclosed its exposure to some locally traded spot BTC ETFs. BNY has supported the crypto industry for years, even when most US banks publicly criticized or ignored it.
The second bullish development related to the US ETF market came from another big bank, Morgan Stanley. According to recent reports, the Wall Street giant is considering allowing its 15,000 brokers to recommend their customers to buy Spot Bitcoin ETF funds.
ETFs outside the US
While US demand may be slowing, at least for now, we are seeing more bullish developments on this front from other jurisdictions. Hong Kong is poised to introduce its own Bitcoin and Ethereum spot ETFs soon, although the effect will likely be small given its larger market size compared to the US.
Analysts such as Lark Davis believe the launch of a spot ETF in Hong Kong will have a “huge ripple effect” across the continent, with more countries likely to follow suit.
