Christopher Ferraro, the chief investment officer of Galaxy Digital, has identified two important factors that could impact the course of Bitcoin (BTC) for the remainder of the year.
BTC ETFs to drive Bitcoin’s price
According to Ferraro, the approval of spot Bitcoin exchange-traded funds (ETFs) in the US and regulatory updates related to cryptocurrency will be the main drivers for the leading digital asset in the third and fourth quarters of 2023.
“There are really two stories in the crypto markets. We’re looking at the likely issuance, or we all hope the likely issuance in the US specifically, of regulated access products. That is ETFs by some of the biggest global traditional financial providers in the market for Bitcoin, at least to start. I think that’s going to be far and away the biggest catalyst in the markets.”
He continued and said:
“And we’ll look into regulation and where a number of the existing very public court cases head over the next three months.”
According to the Galaxy Digital CIO, institutional interest in Bitcoin is growing while retail investors are also buying BTC on fintech platforms such as Square and Revolut.
“We’ve seen inflows here at Galaxy [Digital] across a number of different forums. We’ve seen the retail platforms today, think of that as Square and Revolut and those kinds of global platforms… we’ve seen net positive inflows from retail just buying and holding spot all throughout the year in part of this run-up.”
Bulls are coming back to the crypto markets
According to Real Vision founder Raoul Pal, he continues to hold a positive outlook on digital assets despite the bear market.
He has recently increased his investment in one of Ethereum’s (ETH) top competitors and shared a portfolio update during a Bankless interview. Pal, a former executive at Goldman Sachs, remains confident in his investment decisions.
