Indeed, spot ETFs have long been approved in early 2024, why did I create this topic because I just reminded you that the impact of spot bitcoin ETFs still affects the current increase in market price.
As the members above mentioned the impact has already happened and is over, ETFs have been in the market for a long time and I don't expect them to have a significant impact on the price increase.
Bitcoin ETF could have a positive impact on the price by introducing more liquidity to the market by bringing more investors who don't want to hold Bitcoin themselves and prefer to buy shares in these companies that are similar to banks, but the impact of that is not immediate and it needs a long time.
We cannot expect bitcoin price to always increase every time we wake up, no financial market only goes up vertically and bitcoin is no exception. So it would probably be more accurate to say that the hype around bitcoin ETFs has died down but it still has a direct impact on the market.
According to the report, ETFs are having a strong impact on the bitcoin supply, with data showing they are holding 1 million bitcoins just months after ETF approval. The amount of bitcoins they buy each week is many times larger than the amount of bitcoins mined. They are creating a huge demand for bitcoin and this should be good for bitcoin price in the long run as circulating supply is depleting. I believe that in the coming time, prices will continue to skyrocket because demand is much higher than supply.