The once wild west of cryptocurrency markets might be getting a taste of Wall Street swagger. A new theory from a South Korean researcher proposes that US stock traders are increasingly wielding significant influence over Bitcoin (BTC) prices.

Kim Min-seung, head of the Korbit Research Center at the Korbit crypto exchange, believes a recent shift has occurred. Traditionally, Bitcoin's price dance was dictated by the whims of miners and big-money whales. However, Kim argues that the US Securities and Exchange Commission's (SEC) approval of Bitcoin spot exchange-traded funds (ETFs) has ignited a new "market dynamic."

This dynamic, according to Kim, revolves around the movements of US stock market traders. Analysts, he says, have observed a growing "sensitivity" in Bitcoin's price to trends in US spot ETFs. The researcher suggests a potential explanation: a new breed of trading bots across Asia and other regions are mimicking the actions of US stock traders and Bitcoin ETF activity.

Kim paints a picture: "Over the past few months, a pattern has emerged. Bitcoin tends to rise or fall in sync with US stock market trading hours. These same trends are then echoed during Asian market hours. The SEC's green light for Bitcoin spot ETFs seems to be the driving force behind this."

This newfound correlation extends beyond spot markets, according to Kim. Similar patterns are being observed in Bitcoin and crypto futures markets, potentially leading to "the liquidation of long and short positions" as traders chase the coattails of US markets.

Kim's analysis aligns with predictions of a growing institutional presence in the South Korean cryptocurrency market. Retail investors currently dominate the country's Bitcoin and altcoin scene. However, with the promise of Bitcoin ETFs hanging in the air, many institutional investors and funds are eager to join the party.

Looking ahead, Kim believes a confluence of factors – the upcoming Bitcoin halving event, the potential influx of institutional capital, and the influence of US markets – could create a "synergy" that propels Bitcoin prices upwards.

Whether Kim's theory holds water remains to be seen. However, it serves as a fascinating reminder of the evolving landscape of cryptocurrency markets. As the lines between traditional finance and the crypto sphere continue to blur, the whispers of Wall Street might soon become a roar that shapes the future of Bitcoin.