Spot Bitcoin ETF Could Trigger a 155% BTC Explosion, According to CryptoQuant- Here’s the Timeline – The Daily Hodl

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.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines
&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE-3

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://dailyhodl.com/2023/10/19/spot-bitcoin-etf-could-trigger-a-155-btc-explosion-according-to-cryptoquant-heres-the-timeline/