Spot Bitcoin ETFs have been a major catalyst in driving BTC to establish an all-time high months before its fourth halving. According to a new report by Ecoinometrics, Bitcoin cannot grow further without those products.
These funds appear to have “stopped accumulating coins” (in aggregate) for more than a month, which can be a cause of concern for the leading asset’s future price trajectory.
Bitcoin’s Growth Hinges on ETFs
From January to mid-March, spot Bitcoin ETFs managed to accumulate 200,000 BTC, despite significant outflows from Grayscale. This accumulation coincided with bitcoin’s price surge from $40,000 to $75,000.
However, the inflow of BTC into ETFs stopped, leading to a halt in price movement.
The report stated,
“If you’re wondering why bitcoin is stuck in the $60k range, look no further. The ETFs have stopped accumulating coins for a while now. They are the only game in town. No demand from them means no price appreciation.”
Despite the lack of action in th
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