The CEO of the world’s largest crypto index fund manager Bitwise says that $50 billion could flow into a spot Bitcoin (BTC) exchange-traded fund (ETF) within years of launching. In a new interview on the Unchained Podcast, Matt Hougan says that in the first year of a spot BTC ETF, about $5 billion could flow […]
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The chief investment officer at the largest crypto index fund manager in the US is very optimistic about what a spot Bitcoin (BTC) exchange-traded fund (ETF) approval could do for the king crypto’s price. Matt Hougan, CIO of Bitwise, draws a comparison to what happened to gold’s price after the precious metal secured its first […]
The post Bitcoin To Repeat Gold’s 475% Post ETF Rally? Bitwise’s Matt Hougan Says Approval Will Unleash New Capital Wave appeared first on The Daily Hodl.
A Bloomberg analyst is reporting that BlackRock is “seeding” its spot Bitcoin (BTC) exchange-traded fund (ETF). Bloomberg senior ETF analyst Eric Balchunas notes that BlackRock announced the seeding in a recent amendment to their spot BTC ETF filing with the U.S. Securities and Exchange Commission (SEC). Their application, which is called the iShares Bitcoin Trust, […]
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Venture capitalist Arthur Cheong says that Ethereum (ETH) could go on a massive rally if one possible scenario plays out. The DeFiance Capital founder and CEO tells his 151,900 followers on the social media platform X that if BlackRock succeeds with its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) the financial giant may […]
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Currently, a 74% increase takes Bitcoin to over $59,000 and that doesn’t factor in “second-order effects,” says Galaxy Digital.
Bitcoin’s (BTC) price will increase 74.1% in the first year after spot Bitcoin exchange-traded funds (ETFs) are launched in the United States, according to estimates from crypto investment firm Galaxy Digital.
In an Oct. 24 blog post, Galaxy Digital research associate Charles Yu estimated the total addressable market size for Bitcoin ETFs would be $14.4 trillion in the first year after launch. He obtained the 74% figure by assessing the potential price impact of fund inflows to Bitcoin ETF products using gold ETFs as a baseline.
According to Yu’s estimates, Bitcoin’s price would increase 6.2% in the first month after an ETF launch before steadily trending downward to a 3.7% monthly increase by month 12.
Yu used Bitcoin price data from Sept. 30, but a 74.1% increase in Bitcoin’s current price would see it hit $59,200.
Markus Thielen, head of research at digital asset financial services firm Matrixport reached a similar figure in an Oct. 19 post, estimating Bitcoin could rise to between $42,000 and $56,000 if BlackRock’s spot Bitcoin ETF application is approved.
Yu predicts the U.S. Bitcoin ETFs’ addressable market size to reach $26.5 trillion in the second year after launch and $39.6 trillion after the third year.
Related: BlackRock’s Bitcoin ETF: How it works, its benefits and opportunities
Yu acknowledged a delay or denial of spot Bitcoin ETFs would impact its price prediction.
However, he said the estimates were still conservative and didn’t factor in “second-order effects” from a spot Bitcoin ETF approval.
“In the near-term, we expect other global/international markets to follow the U.S. in approving + offering similar Bitcoin ETF offerings to a wider population of investors,” Yu wrote.
He added “2024 could be a big year for Bitcoin” citing ETF inflows, the April 2024 Bitcoin halving and “the possibility that rates have peaked or will peak in the near term.”
Digital assets manager CoinShares says Ethereum (ETH) rival Solana (SOL) is an institutional favorite as the crypto market boils over with Bitcoin (BTC) exchange-traded fund (ETF) fervor. In its latest Digital Asset Fund Flows report, CoinShares finds that institutional investors have poured more money into Solana than any other non-BTC digital asset over the last week and […]
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Crypto giant Grayscale just filed a new registration statement with the U.S. Securities and Exchange Commission (SEC) as it bids to convert its flagship Bitcoin (BTC) Trust product into a spot Bitcoin exchange-traded fund (ETF). In a statement, the world’s largest crypto asset manager says it just submitted to the securities regulator a Form S-3 […]
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A top analyst says that the flagship crypto asset could revisit levels last recorded in November of 2021 if the U.S. Securities and Exchange Commission approves a spot Bitcoin (BTC) exchange-traded fund (ETF). Pseudonymous analyst DonAlt tells 53,500 subscribers of the TechnicalRoundup YouTube channel that Bitcoin could appreciate by over 100% from the current level […]
The post Here’s How High BTC Could Soar if a Spot Bitcoin ETF Is Approved in the US, According to Top Crypto Analyst appeared first on The Daily Hodl.
ARK Invest CEO Cathie Wood says that the U.S. Securities and Exchange Commission (SEC) is starting to show a change in attitude toward the firm’s application for a spot market Bitcoin (BTC) exchange-traded fund (ETF). In a new CNBC interview, Wood says that there’s been a healthy exchange of information between the SEC and ARK […]
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A Coinbase researcher says the impact of a potential regulatory greenlight for a US spot Bitcoin (BTC) exchange-traded (ETF) has already been “partially priced in” for the top crypto asset. In a new analysis, David Duong, head of institutional research at the crypto exchange, says that the divergence between the performance of Bitcoin and the […]
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