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๐ฑ๐๐Major Bitcoin Developments Point to a Wilder-Than-Expected Bull Cycle
Lark Davis, a well-known cryptocurrency analyst and trader, has identified several important developments in the Bitcoin ecosystem that could trigger a more intense bull cycle than initially expected. Davis's perspective examines the revolutionary changes in the Bitcoin ecosystem, such as institutional and global acceptance, that have the potential to accelerate the current bull market.
According to the analyst, a big shock is about to happen in the Bitcoin supply. This is a result of the fact that miners can now only produce 450 BTC every day due to the recently ended Bitcoin Halving event, which halved the miners' reward.
#Bitcoin Spot ETFs Are Ready to Catalyze Prices
Another important catalyst pointed out by Davis is the US Spot Bitcoin Exchange-Traded Funds (ETFs). More than 3,000 #BTC have been purchased daily since the products were approved by the United States Securities and Exchange Commission (SEC) on January 10. As a result, BTC jumped from $46,000 to $73,000, up almost 60% after the SEC green-lit BTC spot etfs.
The latest country to approve spot Bitcoin etfs is Hong Kong. Two weeks ago, the Hong Kong Securities and Futures Commission granted approval to several leading asset managers for BTC Spot ETFS, thus positioning the city as the primary hub for these products.
Hong Kong's move to approve spot ETF products, which began trading today, has inspired other Asian countries such as South Korea, Japan and Singapore to consider doing the same. On the other hand, the Australian Securities Exchange is already on the verge of accepting funds later in the year.
As a result of these developments, institutions from all over the world are competing to get a share of the Bitcoin Sunday. This could trigger a much wider adoption of BTC and thus significantly affect prices.
