Cryptocurrency analyst Willy Woo expressed his bullish view on Bitcoin’s BTC/USD future, attributing his optimism to increased institutional interest following the approval of the spot ETF.
What Happened: On Thursday, Woo took to Twitter to share his thoughts on Bitcoin’s demand. “Full demand for #Bitcoin unleashed,” he tweeted.
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Woo revealed that his banker, who has been in wealth management for 33 years, had a change of heart about Bitcoin following the approval of the spot ETF. He emphasized that Bitcoin has now become recommended for everyone.
Meanwhile, Bitcoin has been on a tear since the introduction of Spot BTC Exchange Traded Funds. At the time of writing, the apex cryptocurrency traded 8.9% higher at $62,423.10, according to Benzinga Pro data. This means since the Spot ETF introduction, it has gained a whopping 34.62%.
Bitcoin Gains Since The Introduction Of Spot BTC ETFs
Why It Matters: The introduction of Bitcoin ETFs has reshaped the investment landscape, signaling a new era in the financial world. The approval of a Spot Bitcoin exchange-traded fund (ETF) was seen as “very encouraging” by investors and analysts alike, including Ark Invest CEO Cathie Wood.
According to a Benzinga report, Ric Edelman, founder of the Digital Assets Council of Financial Professionals, predicts $150 billion in inflows into spot Bitcoin ETFs by the end of 2025, suggesting tremendous potential for Bitcoin’s growth.
Willy Woo’s tweet echoes this sentiment, reflecting the growing institutional interest in Bitcoin as a viable investment.
Eivind Pedersen from Pixabay.
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