As you probably know by now, the crypto space is boiling while waiting for the approval of spot BTC ETF. There are all kinds of predictions about when we might see this turn into reality, and the crypto space is also flooded by optimistic BTC price predictions along the way. Check out the latest reports about this below.
Spot Bitcoin ETF approval in the news
According to on-chain data provider CryptoQuant, if the U.S. Securities and Exchange Commission (SEC) approves the spot Bitcoin (BTC) exchange-traded fund (ETF), it could lead to a triple-digit percentage rise in the price of BTC.
In its recent report, CryptoQuant stated that if the Wall Street firms that have applied to issue a spot Bitcoin ETF allocate a fraction of their assets under management (AUM) to BTC billions of dollars would flow into the BTC market, more than doubling its price.
Accoridng to the latest reports coming from the online publication the Daily Hodl, there are some of the financial giants who are seeking to issue a spot Bitcoin ETF and these include BlackRock, VanEck, and Fidelity Investments.
“We could expect $155 Billion will flow into the Bitcoin market once these ETFs are approved. The total Assets Under Management of these companies are around $15.6 trillion. If they were to put 1% of their AUM into these Bitcoin ETFs, the total US dollar amount that would enter the Bitcoin market could be approximately $155 Billion…”
The same notes reported the following data:
“The increase in the Bitcoin Market Capitalization we calculated above implies the market cap would increase between 82% and 165% from the current level and that Bitcoin price could reach between $50,000 and $73,000 as a result of these inflows of fresh money.”
Bitcoin is trading at $28,350 at the time of writing this article, and a jump to $73,000 would blow the market, that’s for sure.
