Contrary to popular belief, the price of bitcoin is driven by demand, not changes in its [mining] supply, 10x Research wrote. During bitcoin's five bull markets, investors have continuously innovated in the way they acquire bitcoin, from early spot trading to using instruments such as futures, unsecured borrowing, spot bitcoin ETFs, and now ETF options. This development highlights the increasing integration of bitcoin with traditional financial marekts, a trend accelerated by regulatory approvals from agencies such as the U.S. Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC), which have legalized bitcoin-related financial products over time.