The recent surge in the price of Bitcoin was driven more by macroeconomic factors than the development of spot ETFs, according to experts. Analysts have pointed to the smaller-than-expected Treasury supply estimate from the US government and the dovish outlook of the Federal Open Market Committee (FOMC) as key drivers behind the jump. These developments caused bond yields to plummet and pushed up the value of risky assets, including Bitcoin. However, some industry observers suggest that spot ETF approval is needed for sustained growth and that only a major setback from SEC Chairman Gary Gensler could dent the cryptocurrency’s current bullish momentum.