10xResearch published an article on the X platform stating that contrary to popular belief, it believes that the price of Bitcoin is driven by demand rather than changes in the (mining) supply of BTC itself. Each of the five bull markets in Bitcoin has been driven by innovations in how investors access it, from the creation of early spot trading platforms to the use of tools such as contracts, uncollateralized loans, spot Bitcoin ETFs, and now options on these ETFs.
This development highlights the growing integration of Bitcoin with traditional financial markets, a trend accelerated by U.S. regulatory approvals from agencies such as the CFTC and SEC, which have legalized Bitcoin-related financial products over time.