Summary
TLDR: In 2021, the pandemic rally saw a surge in crypto mania tied to retail investors, WallStreetBets, GameStop, NFTs, and memes. Another crash followed, but now there is a new rally with bitcoin surpassing $72,000 thanks to ETF approval and institutional adoption. This rally is not just about the ETF, but it will likely be remembered that way.
Key Points
1. The pandemic rally in 2021 was marked by a surge in interest in cryptocurrencies, tied to retail investor revolution, WallStreetBets, GameStop, NFTs, and memes.
2. The current rally in 2021 has seen bitcoin surpassing $72,000, driven by the approval of spot bitcoin ETFs and institutional adoption from companies like BlackRock and Fidelity.
3. The current rally is not solely attributed to the approval of ETFs, as there are multiple factors at play in driving the market.