You seem late into this. Bitcoin spot ETFs in the US were approved last January. It's almost a year now.
In addition, Bitcoin usually soar one year after a halving year so if history repeats, Bitcoin will have a big bull run in 2025 year.
It was more of a when than if. It was more or less foreseen. What could the SEC do when the global financial giants wanted to make it happen? But years prior to that approval, the US has already approved Bitcoin futures ETFs, and spot ETFs are already in play in other countries as well.
Yeah, much of the increase in the price since then is probably driven by institutions.
How SEC didn't approve Bitcoin Spot ETFs with reasons that these products are risky for investors, while they approved Bitcoin Futures ETFs long before their big change in January 2024, is like a big joke. Because we all can see big difference between Spot and Futures ETFs, with Spot ETFs are safer than Futures ETFs.
Because they approved Bitcoin Spot ETFs, it's a true milestone for Bitcoin market, and already set a solid foundation for Bitcoin to be exposed to more investors, and to thrive more in future. It takes time, like several years but we're on the way to the Moon.