The excitement surrounding Bitcoin’s Spot ETF has heightened the cryptocurrency business, which may determine Bitcoin’s fate in the coming years.
According to the study, the only option for traditional financial institutions to invest in Bitcoin efficiently is to have access to spot ETFs. This manner, institutions can gain exposure to Bitcoin without entering into a complex regulatory structure governing cryptocurrency investments. Seven prominent corporations are waiting for their Bitcoin Spot ETFs, which all have final clearance dates in 2024. It all has a total AUM of more over $15 trillion.
Companies are also attempting to have dialogues with the SEC and make changes to their filings for regulatory compliance in order to obtain permission from the SEC. For example, Fidelity recently revised their Bitcoin ETF filing to include the necessary information.
Once ETFs are allowed, it is predicted that $150 billion would pour into the Bitcoin market. According to CryptoQunat, the inflow of this capital will increase Botcoin’s market cap by $450 billion, potentially reaching $900 billion.
According to CryptoQuant’s study, the new capital influx could be greater than what the GBTC fund brought in during the previous bull cycle, which lasted from June 2020 to February 2021.
It is also projected that this momentum will drive Bitcoin’s price up to $73,000 in a short period of time.
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