Feeling Bearish? Here Are Three Bullish Developments for Bitcoin’s Future

Bitcoin’s fourth halving is already in the history books, and the block rewards have been reduced to 3.125 BTC. Although historically the event has been named the catalyst of a new bull cycle, there’s a lot of controversy now, with many claiming that the effects of this halving are declining.

Aside from that, though, there are many other bullish developments on the Bitcoin front that might get you excited in the coming months.

If you’re still feeling bearish, you need to know this:…

— Lark Davis (@TheCryptoLark) April 27, 2024

ETF Developments

Perhaps the most bullish news this year came in mid-January when the US Securities and Exchange Commission finally greenlighted nearly a dozen spot Bitcoin ETFs to start trading on local exchanges. In a matter of just a few months, these products, led by BlackRock’s IBIT and Fidelity’s FBTC, attracted billions of dollars worth of BTC.

This demand led to an inevitable price increase for spot BTC prices, as the cryptocurrency nearly doubled its USD value and charted a new all-time high ahead of the halving for the first time ever.

However, as the inflows dried out and even started to turn negative on a few occasions, BTC’s price ascent was halted, and the asset fell by about ten grand since those March peaks. Reports on the matter claim that those ETFs are essential for bitcoin to keep growing as an asset.

But this declining ETF trend could soon change, at least according to the next three items on our list.

The United States’ oldest and one of its largest banking organizations – BNY Mellon – recently disclosed exposure to some of the spot BTC ETFs trading on local soil. BNY has been a long-time supporter of the cryptocurrency industry, even when most US banks were publicly criticizing or ignoring it.

The second bullish development related to the US ETF market came from another banking behemoth – Morgan Stanley. According to a recent report, the Wall Street giant is contemplating allowing its 15,000 brokers to recommend clients to purchase spot Bitcoin ETF funds.

ETFs Outside the US

While the US demand might be slowing down, at least for now, there are more bullish developments on that front from other jurisdictions. Hong Kong is all ready to have its own spot Bitcoin and Ethereum ETFs soon, even though the effects will probably be smaller, given the market’s size compared to the US.

Analysts such as Lark Davis believe the launch of spot ETFs in Hong Kong will create a “massive ripple effect” across the entire Asian continent, and more countries will follow suit.