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Spot Bitcoin ETF can raise additional $ 70 billion for the cryptocurrency market
The interest in bitcoin ETFs could potentially increase the inflow of investments in cryptocurrencies, according to Glassnode analysts. According to experts, after the approval of the spot bitcoin ETF, the flagship asset of BTC $96,933.80 Bitcoin -0.55% Market capitalization $1.92 trillion VOL. 24 hours $1.48 billion has a chance to receive up to $ 70 billion in new capital. The forecast of crypto experts is based on the assumption that 10% of the funds currently invested in the main stock and bond ETFs will be transferred to bitcoin ETFs.
Experts have calculated that the main inflow of investments in bitcoin ETFs is expected not only from the stock and bond market ($ 60.6 billion) but also from the gold market ($ 9.9 billion). Even more conservative crypto experts suggest that the industry could receive billions of dollars in the first years after the approval of bitcoin ETFs.
In October, analysts noted the increased interest of institutional investors in cryptocurrencies. Bitcoin led the bullish trend with a 28% increase compared to September and a rise of more than 108% since the beginning of the year. Other cryptocurrencies, such as Solana SOL $184.87 Solana -0.78% Market capitalization $88.62 billion VOL. 24 hours $0.78 billion , also showed positive dynamics. According to Glassnode experts, this situation hints at a broader recovery in the virtual currency market.
As a reminder, the U.S. Securities and Exchange Commission (SEC) is expected to approve a bitcoin ETF by mid-January next year. Meanwhile, Bloomberg experts believe that the approval of bitcoin exchange-traded funds by the US regulator will attract up to $ 100 billion to the cryptocurrency industry. This will allow such classical finance heavyweights as BlackRock, Fidelity, and Invesco to enter the crypto market.
It should be added that according to a new report by Bernstein, bitcoin has the potential to become a global macro-political asset with a market capitalization of over $ 3 trillion.