Bitcoin’s price has basically been on pause since mid-June, as the asset trades range-bound since then. The exchange rate of BTC to USD remained above $29,000, with resistance at $30,000. It’s as if markets are waiting on the SEC’s spot Bitcoin ETF approvals.

In fact, one metric of bitcoin’s price stability touched five-year historic lows at the beginning of August. Weirdly, BTC was even less volatile than U.S. stocks briefly this month.

But with each new application for a spot Bitcoin ETF, there’s more bullish pressure on BTC’s chart. Institutional investors are wetting their whistle for blockchain exposure via an ETF product they can understand, with a Tradfi partner they can trust.

The list of spot ETF applications for Bitcoin is long and growing. When the first approval comes, market watchers are expecting a big upswing in exchange prices.

US Dominates World Crypto ETF Volumes

Bloomberg senior ETF analyst Eric Balchunas recently pointed out in a (Twitter) X post that “Every single one of the Top 15 best-performing equity ETFs this year is crypto-related.” Furthermore, Balchunas added that a spot Bitcoin ETF would send North American crypto ETF volumes to 99.5% of the global market.

Every single one of the Top 15 best performing equity ETFs this year is crypto-related. $WGMI leading way w +227%. Finally attracting flows too, altho pretty modest considering these perf numbers. This is part of our monthly Crypto ETF Report via @JSeyff & @SirYappityyapp pic.twitter.com/iPIHhH82Jr

— Eric Balchunas (@EricBalchunas)