Bitcoin, the largest cryptocurrency by market cap, is in a rally and gaining wider momentum. The reason for its surging popularity is its current price elevation. According to CoinMarketCap, Bitcoin is sitting at $51,665. BTC has finally overcome its sluggish streak after encountering months of tumultuous to and fro in its valuation.
However, leading crypto experts have attributed several factors driving its explosive price rally, out of which the Bitcoin spot ETF launch is dubbed the main driver leveling the field.
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Bitcoin Spot ETFs are driving the current BTC price surge: Michaël Van De Poppe
Michaël Van De Poppe, a leading cryptocurrency trader and analyst, has pointed out the reasons fueling the explosive BTC price rally.
Van De Poppe took to Twitter to share his opinions, adding that increased inflows in Bitcoin Spot ETFs are one of the major factors driving their price valuation.
“In the last three trading days, the net inflow has equaled $1.5 billion-plus. Every day, $500 million-plus has been flowing into the markets through the Spot Bitcoin ETFs. That’s a huge sign. Institutions are interested; Bitcoin is getting mature; this market is going to accelerate.” Poppe Tweeted.
Interestingly, Bitcoin spot ETFs have been performing quite well compared to other ETF classes.
Per the latest report, gold-centric ETFs have noted outflows worth $2.39 billion, while BTC-spot ETFs are flourishing with inflows amounting to $3.89 billion.
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Bitcoin is poised to reach $57,000 before halving: Van De Poppe
Van De Poppe was quick to predict the price of BTC soon. He later shared that the bullish inflows via BTC spot ETFs can further accelerate the price of the asset by nearly 10%.
“If $46,000 holds, I suggest we’re seeing $53,000–$57,000 pre-halving.” Poppe later shared.