Bitcoin’s surge in value this month has drawn the attention of many, and the reasons behind the increase are not what one might expect. The world’s largest digital currency has experienced a notable increase of more than 12% since the start of June. Last Wednesday, it surpassed the $30,000 mark, reaching its highest point since mid-April, as confirmed by data from Coin Metrics.

While some attribute the recent increase to the announcement that BlackRock, a prominent asset management firm, had filed for a Bitcoin ETF that monitors the underlying asset’s market price, there is more to it than meets the eye. The significant movement can be attributed to a factor beyond the…

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