According to Odaily, despite the stagnation in Bitcoin prices, optimism about its long-term prospects persists. The potential for Bitcoin to surpass $100,000 is seen as the beginning of widespread institutional adoption, a trend that could last 10 to 20 years. Samson Mow, CEO of Bitcoin wallet company Jan3 and founder of Pixelmatic, noted that previous bull markets were subdued due to exchange backlog issues. However, with the introduction of exchange-traded funds (ETFs), traditional financial capital now faces fewer barriers to entering the Bitcoin market. Currently, capital inflow is not fully realized, as institutions are just beginning to explore the cryptocurrency market.
In 2023, BlackRock led a campaign for U.S. approval of a spot Bitcoin ETF, resulting in the launch of several Bitcoin funds in January 2024. These funds quickly became some of the fastest-growing ETFs in history. By November of last year, U.S. spot Bitcoin ETFs surpassed $100 billion in net assets, with BlackRock's iShares Bitcoin Trust (IBIT) leading the way at $60 billion, holding nearly 600,000 Bitcoins.
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