Bitcoin ETFs may have tweaked crypto market structure
The spot Bitcoin ETFs have been instrumental in Bitcoin's price performance since their approval in January, drawing in massive institutional adoption.
These new ETF investors could also alter the dynamic of Bitcoin's market cycle, as evidenced by how they pushed Bitcoin to an all-time high before its latest halving.
Unlike traditional crypto investors who operate in high-volatility environments, institutional investors using ETFs benefit from operational efficiency and reduced custody risks. This is a key factor to watch as bulls and bears struggle to determine the next price direction.