For years, the crypto community awaited the arrival of a spot Bitcoin ETF, hoping it would be the catalyst to take digital assets mainstream. When the U.S. SEC finally approved several spot Bitcoin ETFs in early 2024, the market responded with a sharp rally. Bitcoin surged past $70,000 and optimism flooded back in.


But fast forward to mid-2025 — crypto prices have corrected, volatility has returned, and retail enthusiasm seems to have faded. This has led many investors to ask: “Was the ETF hype
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