The greater than 60% rally in bitcoin (BTC) within the first quarter was pushed primarily by the approval of spot exchange-traded funds (ETFs), the upcoming reward halving and an urge for food for elevated danger in monetary markets, dealer Canaccord Genuity mentioned in a analysis report on Thursday.“Whereas the macro outlook and timing of potential fee cuts stay unsure, the upcoming halving occasion may add to the ETF tailwinds for bitcoin,” analysts led by Michael Graham wrote, including that “for the remainder of the ecosystem, exercise ranges proceed to rebound from 2023 lows.” The quadrennial halving is when miner rewards are slashed by 50%, thereby decreasing the provision of bitcoin. The following halving is predicted in April. Canaccord says it’s inspired by the Securities and Change Fee’s (SEC) approval of 11 U.S. spot bitcoin ETFs within the quarter. “Whereas bitcoin’s enhance in worth throughout Q1 was far higher than ETF inflows, this tailwind ought to persist as retail traders look so as to add crypto publicity to IRAs and different tax-advantaged accounts, and we count on spot ETFs may change into a extra significant a part of bitcoin’s value motion going ahead,” the authors wrote. IRAs are a manner of saving for retirement in the usPublicly traded miners underperformed bitcoin within the first quarter, displaying indicators of decoupling from the cryptocurrency’s value, the report famous. Canaccord mentioned subsequent month’s halving has launched uncertainty concerning the profitability of some miners, and spot ETFs have given fairness traders an alternate technique of gaining publicity to the world’s largest cryptocurrency. “If historical past had been to repeat itself, an much more bullish interval for bitcoin and crypto may probably be on the horizon within the months following this halving occasion,” the report added.