New York City-based asset manager\u00a0VanEck has listed about 15 crypto predictions for the upcoming year. A number of these forecasts were centered around the future outlook of Bitcoin and the much-anticipated ETF product.\u00a0<\/span><\/p>\n VanEck took to the X app to state that a recession will finally arrive in the United States by next year. Amidst this forecasted recession, the company is very optimistic that a spot Bitcoin ETF will also be floated in the same year, specifically the 1st quarter. This is the same sentiment that many crypto enthusiasts hold about the ETF product.\u00a0<\/span><\/p>\n <\/p>\n Moreso, VanEck sees the possibility of having the Bitcoin ETF drive in as much as $2.4 billion into the ecosystem in the first quarter of 2024. Galaxy Research recently published a more lofty prediction for inflows following the endorsement of Bitcoin ETFs. Based on its analysis, analysts at Galaxy Research said spot Bitcoin ETF will attract up to $14 billion<\/a><\/span>\u00a0in inflows during the first year of its launch.<\/span><\/p>\n These experts considered the Asset Under Management (AUM) and the reputation of most of the applicants for the offering to come to this prediction. As reported by Coingape, the combined AUM by broker-dealers is $27 trillion, banks $11 trillion, and Registered Investment Advisors (RIAs) $9 trillion, all amounting to $48.3 trillion.<\/span><\/p>\n While VanEck\u2019s predictions cut across many aspects of the Web3 ecosystem, the firm was bold with two more projections. First, it said Ethereum (ETH) will not flip Bitcoin and many enthusiastic community members are projecting. The asset manager also predicted that Binance is poised to lose its top spot as the biggest exchange per daily trading volume.<\/span><\/p>\n <\/p>\n Prediction #4: Ethereum won\u2019t flip Bitcoin in 2024 but will still outperform major tech stocks. Ethereum’s market share will be challenged by other smart contract platforms.<\/p>\n \u2014 VanEck (@vaneck_us) December 7, 2023<\/a><\/p>\n<\/blockquote>\n <\/p>\n This latter prediction is logical considering the shrinking volume on Binance following its legal settlement with the US DOJ and the growing alliance <\/a><\/span>between Coinbase and the hoard of Bitcoin ETF applicants like BlackRock.<\/span><\/p>\n The broad financial market is already reaping the benefits that are associated with the Bitcoin ETF. In the last couple of months, 21Shares, CoinShares, Bitwise, Grayscale, and ProShares have seen significant crypto fund inflows <\/a><\/span>totaling up to $346 million. CoinShares acknowledged that this is the largest surge that the market has seen since the bull run of 2021.<\/span><\/p>\n Currently, crypto stock prices are hitting new levels<\/a><\/span> triggered by the recent surge in the price of Bitcoin. Within the last 24 hours, Bitcoin has gone up by almost 6% and is now trading at $41,700.15. The price rally of Bitcoin is attributed to some factors including the expected spot Bitcoin ETF approval and the decision of the Federal Reserve to halt interest rate hikes<\/a><\/span>.<\/span><\/p>\n Meanwhile, VanEck also predicted that the upcoming Bitcoin halving event will see minimal market disruption and a post-halving rise in the coin\u2019s <\/span>price<\/span>. The prediction on Bitcoin is that it will reach an all-time high in Q4 2024.<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n <\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <\/p><\/div>\nVanEck Foresees Bitcoin ETF Going Live<\/strong><\/h2>\n
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Broad Market Sees Surge<\/strong><\/h2>\n
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