Spot bitcoin ETFs have only been trading for exactly two months, and they’ve already made a massive impact on the cryptocurrency industry.

Whether it’s the amount of inflows, the number of bitcoin acquired or the high levels of trading volume, they have beaten predictions in every metric. At the same time, they have buoyed a bullish bitcoin-led market and revitalized the crypto industry. In fact, these days, it’s hard to tell who’s more bullish on bitcoin, MicroStrategy's Michael Saylor or BlackRock's Larry Fink.

“The U.S. spot Bitcoin ETFs have been widely successful well beyond even the most optimistic expectations,” said GSR Research Analyst Brian Rudick to The Block. “Their $10 billion-plus of inflows in just two months is approaching what most thought they would do in the first …