Bitcoin and cryptocurrency investors found themselves in a wave of positive developments this week, offering a glimmer of hope amid the market's struggle to surpass its highs from three months ago.

One notable highlight occurred on Tuesday when US Bitcoin spot ETFs experienced significant net inflows amounting to $887 million, marking one of the ETFs' most successful daily performances to date. This influx propelled Bitcoin's price to soar beyond $71,000, marking a remarkable ascent since March.

Following this impressive performance, the community witnessed not one but two major Bitcoin ETF sponsors affirming investors about an imminent, substantial influx of institutional players set to embrace Bitcoin through these investment avenues. Bitwise's Chief Investment Officer (CIO), Matt Hougan, expressed in a memorandum that regulatory advancements in the crypto sphere on Capitol Hill represented untapped potential, referred to as "alpha," for investors. Additionally, Franklin Templeton's CEO, Jenny Johnson, conveyed that the ETFs had only begun to experience the initial impact from early adopters, hinting at a larger, forthcoming surge from institutional investors.