Bitcoin Halving Could Bolster ETF Tailwinds for the Cryptocurrency: Canaccord

Bitcoin’s upcoming reward halving could further strengthen the tailwinds for Bitcoin exchange-traded funds (ETFs), according to a report by Canaccord. The report highlights that spot ETFs could play a more significant role in influencing Bitcoin’s price action. Canaccord also notes that Bitcoin miners are showing signs of decoupling from the cryptocurrency’s price due to the halving event’s impact on profitability. The approval of 11 U.S. spot Bitcoin ETFs by the Securities and Exchange Commission is seen as a positive development for the ecosystem. The report suggests that retail investors, looking to add crypto exposure to their tax-advantaged accounts, will contribute to the continued growth of ETF inflows. Canaccord concludes by stating that if history repeats itself, a more bullish period for Bitcoin and the crypto market could be on the horizon following the halving event next month.