Bitcoin ETFs are stated to be a major catalyst in Bitcoin reaching its all-time high ahead of the fourth halving. According to a new report by Ecoinometrics, Bitcoin cannot grow further without these products.

From January to mid-March, spot Bitcoin ETFs accumulated 200,000 BTC despite significant outflows from Grayscale. This accumulation coincided with the price of Bitcoin rising from $40,000 to $75,000. However, BTC inflows into ETFs stopped and price movement stalled.

"If you're wondering why Bitcoin is in the $60k range, look no further. ETFs have stopped accumulating coins for a while now. They're the only game. No demand for them doesn't mean price growth," the report said. The expression was used.

Analyzing the performance of Bitcoin, gold and the NASDAQ over the past decade, the report found that, adjusted for global monetary base growth, the gold metal remained flat, reaching an all-time high despite keeping pace with global liquidity. This represents the basic level of hedging against loss of value.

On the other hand, NASDAQ saw a threefold increase, which is admirable. However, Bitcoin significantly surpassed both, increasing by a staggering 44x in value. This highlighted the effectiveness of Bitcoin as a hedge in today's economic climate.

However, there are certain counter-arguments by leading industry experts. Crypto analytics platform Kaiko noted that Bitcoin has failed to attract safe-haven flows in the face of conflict in the Middle East.