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Spot Bitcoin ETF Could Trigger a 155% BTC Explosion, According to CryptoQuant- Here’s the Timeline – Crypto News
On-chain data provider CryptoQuant says that the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) could boost the price of BTC by triple-digit percentage points.
In a new report, CryptoQuant says that billions of dollars would flow into the BTC market and consequently more than double Bitcoin’s price if the Wall Street firms that have applied to issue a spot Bitcoin ETF allocate a fraction of their assets under management (AUM) to the flagship digital asset.
Some of the financial giants seeking to issue a spot Bitcoin ETF 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 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 $28,550 at time of writing and a jump to $73,000 would represent a 155% gain.
On when spot Bitcoin ETFs could be approved by the SEC, CryptoQuant says,
“Although these ETFs are not expected to be approved this year, the probability that they will be approved by the final deadline (March 2024) has been growing as a result of favorable court rulings for Grayscale (GBTC Fund) and XRP in the respective legal fight against the SEC.”
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