Bitcoin price will surge past $150K if spot ETFs are approved: Analyst

August 17, 2023 Coin Telegraph

Bitcoin price will surge past 0K if spot ETFs are approved: Analyst

bitcoin etf

Even if the filings for Bitcoin spot ETFs are rejected, Lee predicts Bitcoin’s halving event will still push up BTC's price — but not to six figures.

The price of Bitcoin (BTC) will surge past an eye-watering $150,000 by the end of 2024, as long as the current slew of United States spot-Bitcoin exchange-traded funds (ETFs) are approved, according to investment research boutique Fundstrat.

In an Aug. 16 interview on CNBC’s Squawk Box, Fundstrat’s managing partner and head of research Tom Lee predicted that a bundle of successful Bitcoin spot ETF applications will shift Bitcoin’s supply-demand dynamics towards considerable price appreciation.

When asked what the price of Bitcoin could be by the end of next year, Lee didn’t hold back:

“If the spot Bitcoin (ETF) gets approved, I think the demand will be greater than the daily supply of Bitcoin, so the clearing price [...] is over $150,000, it could even be like $180,000.”

Lee clarified that this could be the case so long as it is a United States-approved spot Bitcoin ETF, as there are already spot Bitcoin ETFs in Europe.

“If the Spot #Bitcoin ETF gets approved … the clearing price of $BTC is above $150,000.” – Tom Lee @fundstrat pic.twitter.com/ILQZqdjsZA
— Michael Saylor⚡️ (@saylor) August 16, 2023

The United States currently makes up 97.7% of the global trading volume for crypto-related ETFs, according to Bloomberg senior ETF analyst Eric Balchunas. Once spot Bitcoin ETFs are approved, this could go to 99.5%, he said.

However, even if the spot ETF applications are rejected, Lee still predicts a considerable price push to come from Bitcoin’s next halving event, expected to take place in April 2024.

“You will have a drop in supply again, so the clearing price has to increase. But it won’t be six figures.”

In June, Wall Street heavyweights Fidelity, Invesco, Wisdom Tree and Valkyrie followed the world’s largest asset manager BlackRock in applying for a Bitcoin spot ETF with the SEC.

However, some of these firms may not learn their fate until sometime in 2024 as the SEC has up to 240 days to make a final decision on an application after commencing the review process.

The outcome of Grayscale’s appeal to convert its GBTC trust product into a Bitcoin spot ETF is however expected to come sooner rather than later.

Bloomberg ETF analysts Eric Balchunas and James Seyffart recently estimated that there’s a 65% chance of these Bitcoin spot ETFs being approved by the securities regulator — a significant increase from before BlackRock’s application.

Other have tipped that a $100,000 Bitcoin price could come much sooner than expected, with Blockstream CEO Adam Back recently wagering that Bitcoin will notch the new price milestone the month before the halving event.

However, not everyone is inclined to agree. Jesse Myer, the co-founder of Bitcoin investment firm Onramp, explained on Aug. 15 that the market would only price in the changed reality 12-18 months post-halving.

“Bitcoin won’t surge to $100k before the next halving,” he said.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M

Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

July 14, 2023 Coin Telegraph

Australian stock exchange

The CEO believes investors will be inclined to seek exposure to Bitcoin in a more familiar, structured and protected regulatory environment.

Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.

The ETF — Monochrome Bitcoin ETF — will be able to offer retail Australian investors direct exposure to Bitcoin and Ether (ETH), according to the firm’s July 14 announcement.

Australia joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6
— Jeff (@jeffyew_) July 13, 2023

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors would be exposed to Bitcoin within a formidable regulatory landscape:

“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

“So that is the benefit, I guess, compared to, say, unregulated exchanges where there’s no investor protection,” he added.

Yew believes that if a Bitcoin ETF goes live on ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner,” is authorized under an Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.

Spot Bitcoin ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry has seen spot Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie and the $10 trillion asset management firm BlackRock.

Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books

Bitcoin remains ‘primary focus’ for investors amid year highs: CoinShares

July 4, 2023 Coin Telegraph

blackrock

Bitcoin investment products have experienced $310.6 million in inflows over the last two weeks.

Bitcoin (BTC) has been the “primary focus” for institutional investors over the last two weeks, according to Coinshares, as the cryptocurrency continues to hit new prihighs for 2023.

In a July 3 report from CoinShares’ Head of Research James Butterfill, the analyst noted that Bitcoin-related products saw $310.6 million of inflows over the last two weeks, representing the vast majority of crypto product inflows.

“Bitcoin remained the primary focus of investors [...] with the last 2 weeks inflows representing 98% of all digital asset flows,” said Butterfill.

*Bitcoin weekly inflows. Source: CoinShares*

The last two weeks of inflows are a reversal from the previous nine consecutive weeks of outflows. Short Bitcoin products also experienced a minor outflow of $0.9 million over the last week.

It’s the second time this year that Bitcoin products have accounted for 98% of inflows into cryptocurrency investment products, and comes amid a surge in Bitcoin’s price and dominance.

*Bitcoin accounted for 98% of digital asset investment product inflows over the last fortnight. Source: CoinShares.*

Much of this surge has been pinned on BlackRock’s June 15 spot Bitcoin ETF application, followed by similar filings from the likes of Fidelity, Invesco, Wisdom Tree and Valkyrie.

Since the filing, the price of Bitcoin has increased 25.2% to $31,131 at the time of writing. Bitcoin's dominance — which is a measure of its market cap relative to the total market cap of all cryptocurrencies — has risen to 51.46%, according to data.

Bitcoin Fear and Greed Index is 64 — Greed
Current price: $31,158 pic.twitter.com/Tl8vVQp9GA
— Bitcoin Fear and Greed Index (@BitcoinFear) July 4, 2023

Meanwhile, Ethereum investment products inflows came in at $2.7 million last week, the second week of inflows that have reversed a lengthy outflow trend.

Speaking to Cointelegraph on June 26, Fireblocks CEO Michael Shaulov said there has been a “fair amount of interest” from institutional investors in core assets such as Bitcoin and Ethereum, but less so in alternate cryptocurrencies.

“The narrative around Ethereum is pretty much the understanding that future ecosystems of tokenizeation are likely to be EVM-based. And if they’re EVM based, then Ethereum is going to play out as utility.”

Shaulov said the narrative around Bitcoin has been less specific, but notes that most investors see the need to hold the cryptocurrency.

Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss

June 22, 2023 Coin Telegraph

Anthony Pompliano

With spot Bitcoin ETFs filings helping boost the price of Bitcoin, some suggest the “window to front-run institutional demand is closing.”

Recently renewed optimism for an approved Bitcoin (BTC) spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits.

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s 19% price surge to $30,240 since June 16.

5 Bitcoin ETF applications in 5 days!
- Blackrock
- Fidelity
- Invesco
- Wisdom Tree
- Valkyrie
— Lark Davis (@TheCryptoLark) June 21, 2023

Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on June 21 that he believe“The Great Accumulation” of Bitcoin has begun between institutions and retail investors.

He suggested that buying Bitcoin prior to the ETFs hitting the public market is akin to that of a pre-Initial Public Offering purchase and suggested that the “floodgates” for buying Bitcoin are “closing fast.”

The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…
— Cameron Winklevoss (@cameron) June 21, 2023

MicroStrategy Chair Michael Saylor weighed in on the subject in his own post, suggesting that retail investors may soon be pushed aside by increasing institutional demand:

“The window to front-run institutional demand for Bitcoin is closing.”

Bitcoin is currently trading hands for $30,240, while the Crypto Fear and Greed index has skyrocketed from 49 (Neutral) to 65 (Greed) in just the last two days.

*Bitcoin Fear and Greed Index at 65 as of June 22. Source: Alternative.me*

In a June 21 interview with CNBC, Bitcoin investor Anthony Pompliano said he expects a tug-of-war to play out between retail investors and Wall Street:

“We have institutions and individuals scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence. The retail investor for 15 years now has a head start and has accumulated all the Bitcoin that’s been mined and put into circulation, but 68% of that hasn’t moved in a year.”

“People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation,” said Pompliano in a June 21 Twitter post.

So when “Wall Street and BlackRock show up to the market,” Pompliano expects Bitcoin to become “highly illiquid” because retailers “don’t want to sell to Wall Street,” he added during the CNBC interview.

BlackRock shows up and bitcoin is up 20% for the week.

People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation.

If retail investors were good for $1T, what do you think happens when the deep pockets come play?
— Pomp (@APompliano) June 21, 2023

Meanwhile, Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm explained that Bitcoin’s price is now “extremely inelastic” — “more so than ever” — amid the recent ETF filings, which are serving as a “catalyst” for large amounts of new flows into the market.

However, LeClair predicts that no ETF application will be approved by the SEC until January or February 2024 at the earliest.

Bitcoin's supply is extremely inelastic, more so than ever currently.

A spot ETF is obviously a catalyst for a large amount of new flows to come into the market, which not only has changed the narrative but has prompted others to front run said future flows.

TLDR: Send it. pic.twitter.com/Jd8Gm8o3Mx
— Dylan LeClair (@DylanLeClair_) June 21, 2023

Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

Wisdom Tree files Ether ETF application with SEC

May 28, 2021 Coin Telegraph

Coin Telegraph

ETF shares would be listed on the Chicago Board Options Exchange’s BZX Exchange.

Following in the footsteps of VanEck earlier this month, Wisdom Tree has filed an application for an Ether (ETH) exchange-traded fund submitted to the United States Securities and Exchange Commission.

According to filings dated May 27, the ETF’s shares would be listed on the Chicago Board Options Exchange’s BZX Exchange.

On May 7, rival ETF issuer, VanEck, also filed an application for an Ether ETF to be traded on the same exchange.

Wisdom Tree’s application comes as the SEC has begun its formal review of Bitcoin (BTC) ETF applications submitted by Fidelity and SkyBridge respectively. The filing is far from Wisdom Tree’s first rodeo, with the issuer having filed numerous applications for Bitcoin ETFs in recent years.

While U.S.-based investors are not yet able to access an Ether ETF, three Ether funds were approved by financial regulators in Canada on April 17.

The funds launched with a bang last month, with Galaxy Digital’s Ether ETF comprising the 11th-most traded asset on the Toronto Stock Exchange after its first day of trading, while the Purpose Ether ETF ranked 20th.

Senior ETF analyst at Bloomberg Eric Balchunas commented, “Sht is gonna get crazy when they approve these things in the US.”

Quick takeaway: Sht is gonna get crazy when they approve these things in the US
— Eric Balchunas (@EricBalchunas) April 20, 2021

Despite the lack of an Ether ETF in the United States, U.S. institutional appetites for ETH appear to be growing, with inflows to Ethereum investment products outpacing those to BTC products earlier this month.

Shares in Grayscale’s Ethereum Trust have also recently spiked to trade at a double-digit premium over the spot price of its underlying asset, while shares in the firm’s Bitcoin Trust have traded at a discount since March.

Wisdom Tree

Share this video