Bitcoin Spot ETFs have been a game changer for the cryptocurrency market over the past several weeks. The arrival of large institutions such as Blackrock and Fidelity is evidence of cryptocurrency moving away from its stigmas towards legitimization and eventual adoption. Spot ETFs, including the Ethereum Spot ETFs, have changed both fundamental and technical aspects of cryptocurrency as we know it.

New Bitcoin History Being Made?

Bitcoin Spot ETFs are the first of its kind. Since the creation of Bitcoin in 2009, it has been run by retail investors and has scaled all the way to billionaire whales and large corporations. In the past 3 Bitcoin cycles, they have all shared close similarities in their patterns or fractals. Historically, Bitcoin price tends to be rejected at the 0.618 Fibonacci level a few months before the Bitcoin Halving. 

This is commonly known by experienced crypto traders and enthusiasts as the “pre-halving dip”. And then, a few months after the halving, Bitcoin would then meet the 0.618 Fibonacci level and break through it as a signal of the incoming cryptocurrency bull run cycle.

However, the Bitcoin Spot ETFs have been attributed to a massive influx of inward volume that has disrupted Bitcoin’s historical and technical analysis. Recently, Bitcoin has soared past the 0.618 Fibonacci level when it held stability above $50,000. With the history of Bitcoin changing, What does this mean for the future of the Cryptocurrency markets?

Where The Cryptocurrency Market Is Heading

As Bitcoin defies its history, where is it headed? Currently, the public sentiment regarding Bitcoin is still split in half, believing that there will still be a pre-halving dump and some believing that buying Bitcoin for cheaper prices is long gone. Regardless of the public sentiment, Bitcoin is currently in an uptrend and experiencing exponential growth with 11 Spot ETFs buying over-the-counter Bitcoin in billions every week.

It would still be too early to predict whether or not these factors will trigger a bull market that we have never seen before. However, it is safe to assume that cryptocurrency will be getting massive exposure to the world with Spot ETFs. Acceptance of cryptocurrency by governments and large institutions is a massive step forward for crypto adoption globally.

What Will Happen To Altcoins?

Given the new found exposure of cryptocurrency to the rest of the world, other projects in cryptocurrency besides Bitcoin called “altcoins” will be interacting with new users and use cases outside of the crypto space. This would be a start of a steady scaling and healthy adoption of blockchain technology to the rest of the world. New projects in new narratives such as AI with its cutting edge technology and applications inside and outside of blockchain will experience massive growth the more utility they provide along with the exposure of a growing market.

However, it is important to understand how each cryptocurrency project works to solve a certain problem to understand if it is the right project to believe in. Projects that provide little to no utility to the world will be irrelevant as soon as the cryptocurrency market faces certain difficulty, similar to how some projects reacted to the FTX meltdown. 

The spot ETFs provide blockchain technology its much needed exposure to the world. With large institutions and governments giving interest to cryptocurrency, we hope to see a world where blockchain is no longer seen as an alien language despite its current complexity. This could be an opportunity for many blockchain narratives to make an even greater impact thanks to the amplification the spot ETFs can have on the rest of the cryptocurrency market.