The State of Michigan Retirement System has dedicated $6.6 million towards its investment in ARKB, a Bitcoin exchange-traded fund managed by 21Shares. This investment represents a mere 0.004% of the total $143 billion assets under the state's pension fund management. The decision to allocate funds towards ARKB signifies a growing trend in the United States towards embracing spot Bitcoin ETFs. In January 2024, the Securities and Exchange Commission (SEC) sanctioned the trading of spot Bitcoin ETFs, signaling a shift in the utilization of Bitcoin assets and attracting interest from institutional investors.

Since then, spot Bitcoin ETFs have amassed a combined net asset value of $59.4 billion, equivalent to around 4.59% of the entire Bitcoin supply. The US market has witnessed substantial net inflows exceeding $17.54 billion in spot Bitcoin ETFs, indicating a robust demand for such investment instruments.

The move by the State of Michigan's pension fund to invest in Bitcoin ETFs underscores a heightened inclination towards exploring diverse investment options. Bitcoin is set to gain prominence during the Bitcoin 2024 convention in Nashville, Tennessee, where notable figures like Donald Trump are scheduled to deliver speeches.

Over the past 24 hours, Bitcoin has experienced a notable surge of over 5%, pushing its value close to $68,000. There is a likelihood that the price may approach the $70,000 mark once again, potentially surpassing its previous peak recorded in March.

Furthermore, Mayor Steven Fulop of Jersey City has proposed directing a portion of the city's pension fund into Bitcoin ETFs, signaling a shift in the city's financial strategy towards incorporating cryptocurrencies.