Due to the bear market we have been in for about 1.5 years, cryptocurrencies have been experiencing a decline since the middle of last year. Decreasing volatility day by day and decreases in volumes caused the market to enter into a state of monotony. With the low liquidity and the decrease in new money inflow, the affected projects brought about a decrease in new developments that would stimulate the market.

However, the developments regarding spot Bitcoin ETFs in the last 3 months have caused bloodshed in the sector again. With the news flow that created volatility in the market, new price movements emerged. While all eyes were on the halving that will take place in 2024, BlackRock's application for a spot Bitcoin ETF, the company that manages the world's largest fund, changed all metrics.