Bitcoin ETFs Set to Skyrocket BTC According to CryptoQuant’s Forecast
CryptoQuant has suggested that the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission could substantially impact BTC's price, potentially leading to a triple-digit percentage increase.
In their latest report, CryptoQuant indicates that a significant influx of capital is expected to enter the BTC market, potentially causing Bitcoin’s value to more than double.
This surge could occur if the Wall Street firms currently seeking approval to launch spot Bitcoin ETFs decide to allocate a portion of their assets under management (AUM) to this leading digital asset. Prominent financial giants such as BlackRock, VanEck, and Fidelity Investments are among those pursuing the issuance of spot Bitcoin ETFs.
CryptoQuant predicts that around $155 billion could flow into the Bitcoin market once these ETFs gain approval. These companies collectively manage approximately $15.6 trillion in assets. If they were to invest just 1% of their AUM into Bitcoin ETFs, it could result in an inflow of roughly $155 billion into the Bitcoin market.
This increase in Bitcoin’s market capitalization suggests that it could grow by anywhere from 82% to 165% from its current level. Consequently, Bitcoin’s price could poreach a range of $50,000 to $73,000 due tohis injection of fresh capital.
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Regarding the potential approval timeline for spot Bitcoin ETFs by the SEC, CryptoQuant states that while it’s not expected for these ETFs to receive approval within this year, there’s a growing probability that they will be approved by the final deadline in March 2024.
This increased likelihood is attributed to favorable court rulings in cases involving Grayscale’s GBTC Fund and XRP, which have been in legal battles with the SEC.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
