It’s no wonder Eric Demuth, Co-founder and CEO at Bitpanda, previously told us “approval of a Bitcoin Spot ETFs is a huge milestone”  – the effects are already apparent.   

He added: “From now on, long-term capital from institutional investors will flow into the crypto market.

“This decision will fundamentally change the industry. Until now, many institutional investors were unable to operate in the crypto sector within their regulatory framework, as they had to invest in traditional financial products.”

Surpassing US$1tn in market cap for the first time in over two years is symbolic for crypto, highlighting that it is here to stay. 

Indeed, should its price run continue its upward trajectory, it could match its all-time market cap of US$1.28tn, which it hit in November 2021.

Bitcoin investments make up more than half of the US$2.01tn parked in the overall cryptocurrency market, including ether and other digital coins.

It wasn’t just Bitcoin that saw its shares rise this week either – Coinbase climbed 13.5%, Riot Platforms gained 12.2% and CleanSpark grew 11.3%. 

Whether crypto can retain its current growth rate for a sustained period remains to be seen, but so long as more consumers seek out spot Bitcoin ETFs, the price will surely continue to rise.