Bitcoin's Surge Driven by U.S. Investors Anticipating Spot ETF Approval

Bitcoin's recent 25% surge has been largely driven by U.S. investors buying ahead of the potential approval of a U.S.-listed spot bitcoin exchange-traded fund (ETF), according to crypto services provider Matrixport. The rise in bitcoin's price during U.S. trading hours indicates that U.S. institutions and investors are embracing the news of a possible ETF approval. If approved, a spot bitcoin ETF could attract mainstream money into the cryptocurrency sector. Despite technical indicators suggesting a potential pause in the bull market, bitcoin remains the dominant cryptocurrency with a 53% market dominance.