Renowned entrepreneur and Bitcoin investor Lark Davis has stirred anticipation within the crypto community with his bullish forecast for the leading cryptocurrency. Against the backdrop of a broader market rally that propelled Bitcoin (BTC) above $71,000, Davis outlined several key factors that could fuel an imminent bull run.

Davis emphasized the significant inflows into the crypto market stemming from the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the U.S. Within just 18 days, ETFs have accumulated a staggering 56,150 BTC, equivalent to over four months' worth of supply. Additionally, Davis pointed to the potential impact of an Ethereum spot ETF launch, anticipating a substantial market influence.

"Ethereum ETFs are about to start trading soon," remarked Davis, underscoring the anticipated ripple effect on market dynamics. Furthermore, Davis highlighted the ongoing accumulation of Bitcoin by institutional players such as MicroStrategy, Block, and Semler Scientific, signaling continued bullish sentiment.

"Institutions, wealth managers, and pension funds worldwide are lining up to own a piece of the Bitcoin pie. This bull run is going to be way crazier than you think," concluded Davis, expressing optimism about Bitcoin's trajectory.

At the time of reporting, BTC is trading at $71,456, marking a modest 0.27% increase over the past 24 hours, with trading volume surging by 14.5% to over $30 billion.

Mixed Sentiment Surrounding Spot ETH ETF Approval

Amid discussions of the approval of spot Ethereum ETFs, differing opinions have emerged within the crypto landscape. Jan van Eck, CEO of VanEck, hailed the approval of spot Ethereum ETFs as a historic milestone, signaling a significant shift in market dynamics. VanEck is among the firms that have secured approvals from the U.S. Securities and Exchange Commission (SEC) for their ETF applications.

Contrary to this bullish sentiment, banking giant JPMorgan has expressed reservations regarding the potential impact of Ethereum ETFs. The institution predicts that ETH products could attract lower inflows than anticipated upon trading commencement, forecasting inflows of $3 billion for the year. However, JPMorgan suggests this figure could double if staking is permitted, indicating potential future growth opportunities for Ethereum-based investment products.