On March 5, Bitcoin ETF products broke a new record, reaching a cumulative $10 billion in trading volume, which marked the highest level since their inception in January.
The 2024 Bitcoin halving may have all the conditions for an impressive bullish scenario where prices reach record all-time highs.
This time, market observers are asking whether this part of the halving — which in previous years saw double-digit percentage losses — will be softened by the presence of spot Bitcoin .11 Bitcoin ETFs to be listed and traded on registered traditional exchanges. This landmark decision allowed skeptical traditional investors to include Bitcoin among their assets, increasing demand for the flagship crypto.
The third and fourth stages of the halving usually record falling Bitcoin prices, as mentioned above. This happens as the investors who opened shorts to ride the halving hype exit their positions.After these players leave the market, new investors who bought in for the hype get disappointed and leave their positions. All these factors mean one thing only: falling demand.
Institutional activity, particularly within Bitcoin ETFs, played a significant role in shaping market dynamics. Accounting for billions of dollars in trading volume, the ETFs successfully influenced the market sentiment toward a positive trajectory.
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