Bull Market Emerges After Approval Of ETFs

The value of Bitcoin surged 150% coming into 2024.

And many believe this bull run could last well into 2025.

The price of Bitcoin began 2024 at about $44,000 but had grown to nearly $70,000 by late May. 

In one survey crypto experts said that Bitcoin could hit $77,000 by the end of 2024 and $123,000 by the end of 2025.

There are two major factors influencing the bull market: the approval of spot ETFs and the upcoming halving event.

Brokerages began designing Bitcoin ETFs as early as 2013, but the spot ETF wasn’t approved by the SEC until January 2024.

These funds consist of crypto that’s purchased by the financial firm and then offered as shares to investors. The investors never actually hold any Bitcoin, but the ETF tracks with Bitcoin’s market value.

Demand for crypto has gone up, in part, because these ETFs allow investors to hold a low-cost investment in Bitcoin without operating in a crypto exchange.

This makes crypto more enticing for retail investors but also for wealth management advisors who run 401ks or IRAs.

BlackRock and Fidelity have emerged as the early leaders in the Bitcoin ETF market—Blackrock holds $15 billion in Bitcoin assets and Fidelity has $9 billion.