Analysts emphasize that now the capital coming through institutional ETFs remains in Bitcoin and does not flow into other assets. And for the next bull rally to start, a simultaneous emergence of a truly mass, useful product in the unregulated zone and a radical easing of global monetary policy (GMP) will now be required.

In connection with the influence of GMP, Tiger analysts cited the growth of the crypto market in 2020 against the backdrop of monetary infusions into the economy during the COVID pandemic (the so-called DeFi Summer). And the growth of 2024 against the backdrop of the launch of the first Bitcoin ETFs in the USA coincided with expectations of rate cuts. Experts clarified that "regardless of how well the crypto industry performs, it cannot control interest rates and liquidity."