BTC is seeing a bullish rally driven by multiple factors. The SEC of Thailand approved asset management companies to introduce spot Bitcoin ETFs earlier today. Simultaneously, the London Stock Exchange declared that it would begin to accept applications for exchange-traded notes (ETN) denominated in Bitcoin in the next quarter.
Today, Blackrock, the biggest Bitcoin ETF producer, also accomplished a significant milestone. Two months after its introduction, the IBIT ETF has 200,000 Bitcoin under management. These developers are keeping the price of Bitcoin rising, as bulls get more and more bullish about $100,000. The fact that BTC's daily trading volume has decreased by 5% despite the most recent all-time high indicates that traders are still holding onto their holdings.
These kinds of trends are going to be crucial as the biggest cryptocurrency prepares for its fourth halving next month. The immediate supply shock of BTC following the halving could have a significant effect on its pricing if the present demand ratio continues.
