QCP Market, a world-renowned trading firm that provides services to corporate firms on cryptocurrencies, evaluated the recent rises in Bitcoin.

Noting that the recent bullish rally had little to do with spot ETF approval expectations, company analysts attributed the price increases to macroeconomic developments:

“This latest rally however, was less about spot ETF developments and more about macro forces. This is because a smaller than expected Treasury Q1 supply estimate yesterday and dovish FOMC sent bond yields tumbling and in turn risk assets soaring.”

In its assessment, the company also claimed that spot ETF approvals would push the price much higher:

“Above all, it will take the spot ETF approval for us to start the new exponential leg higher. At the same time, we expect only a major rug pull from Gensler will be able to take us back below 32k at this stage.”

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