Summary
Bitcoin price spiked due to spot bitcoin ETFs recording over $3 billion in trading volumes and anticipation of the upcoming bitcoin halving event in April.
Key Points
1. Spot bitcoin exchange-traded funds (ETFs) recorded over $3 billion in cumulative trading volumes on Tuesday, contributing to the price spike.
2. Traders pointed to the upcoming bitcoin halving event, expected in April, as a new narrative that may have caused a pre-halving rally.
3. The demand for bitcoin increased as a result of both the high trading volumes in ETFs and the anticipation of the halving event.