Bitcoin (CRYPTO: BTC) rallied 154% over the past year. Several factors made that resurgence possible, including a rotation back to risk assets as recession fears diminished. However, the approval of spot Bitcoin exchange-traded funds (ETFs) certainly contributed to those gains, and they could have a more significant impact in the future.

To elaborate, the Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs in January. Some analysts called that decision a watershed moment for cryptocurrency because those ETFs could unlock demand from institutional investors, a group with about $100 trillion in assets under management.

Lo and behold, several hedge fund managers purchased positions in the recently approved iShares Bitcoin Trust (NASDAQ: IBIT) during the first quarter, as detailed below.

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Source Fool.com