Bitcoin has risen by 154% in the past year. Several factors have made this recovery possible, including reduced concerns over economic recession, which have led investors to turn to risky assets. More importantly, the approval of spot Bitcoin ETFs may have a greater impact in the future. Specifically, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs in January. Some analysts believe that this decision is a watershed moment for cryptocurrencies, as these ETFs may unleash demand from institutional investors who manage about $100 trillion in assets. Following the SEC's approval of spot Bitcoin ETFs, some analysts have made bold predictions. For example, Anthony Scaramucci of SkyBridge Capital believes that Bitcoin's market cap could surpass that of gold, meaning that Bitcoin's price could rise to $800,000, an increase of about 1,050% from its current price of $69,000. "Wood Sister" Kathy Wood even predicts that spot Bitcoin ETFs will eventually account for about 5% of assets managed by institutions and that Bitcoin could rise to about $3.8 million, an increase of about 5,400% from its current price.