Some recent developments and reports from giant financial institutions suggest that the approval of spot Bitcoin exchange-traded funds (ETFs) could push Bitcoin's market capitalization to $900 billion, with the total crypto market expanding by an additional $1 trillion.
The potential inflow of funds resulting from spot ETF approvals is anticipated to surpass the capital inflow into the Grayscale Bitcoin Trust (GBTC) during the previous bull market cycle. Under this hypothetical scenario, Bitcoin's price could potentially surge to as much as $75,000.
In addition, the reports highlight the narrowing of the GBTC discount to its lowest level (13-14%) in nearly two years, indicating the growing optimism in the cryptocurrency market. As well as the dominance of BTC has grown above 51% after Dec 2022.
At the time of writing this article, BTC is trading at $28,380 down from it's morning high $28,950 (0.3%) but grown by 4.4% in the last 7 days.