© Reuters

Recently renewed optimism for an approved (BTC) spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits.

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock (NYSE:) in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s 19% price surge to $30,240 since June 16.

Bitcoin Fear and Greed Index at 65 as of June 22. Source: Alternative.me