In mid-January, the US Securities and Exchange Commission (SEC) approved nearly a dozen spot Bitcoin ETFs, leading to a significant price increase for BTC. However, Bitcoin's price slumped by over $10,000 in the following weeks, prompting speculation on whether the asset had reached its post-ETF bottom. Data from Santiment suggests that this might be the case, as social discussions and the greed factor have normalized since the ETF approvals.

The cryptocurrency market is now looking forward to the next big event of 2024 – the Bitcoin halving. Historically, a high ratio of crowd discussions has been a sign of fear, but the ETF approvals have flipped this into a greed indicator due to unrealistic expectations. As the market stabilizes, it remains to be seen how the upcoming halving will impact Bitcoin's price and the overall DeFi and BRC 20 sectors.