The co-founders of crypto analytics firm Glassnode think that a deluge of capital will flow into Bitcoin once regulators greenlight a spot-based BTC exchange-traded fund (ETF).
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say institutional capital to the tune of trillions of dollars is waiting on the sidelines for a spot market BTC ETF.
“The introduction of Bitcoin Spot ETFs is reshaping the financial landscape in unprecedented ways. Demand is on the rise, with over $15 trillion in assets from companies seeking Bitcoin Spot ETF approval.
The looming institutional FOMO (fear of missing out), once Bitcoin ETF Spots get the green light, could potentially ignite a bull run, propelling us to new heights in the crypto market.”
Last week, Bloomberg analyst Eric Balchunas said that financial behemoth BlackRock is already funding its BTC ETF, the iShares Bitcoin Trust.
Looking at the price action of Bitcoin, the Glassnode co-founders say that BTC is starting to cool off after rising to about $35,000.
“It’s safe to say that the bulls won this week, at least for now. BTC has finally stabilized and lost some steam after several days of rising, with a price decrease to roughly $34,000.
Future ETF approvals could lead to further gains; however, they will be short-term ‘sell the news’ events due to market dynamics.”
At time of writing, Bitcoin is trading for $34,076.
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Source: https://dailyhodl.com/2023/10/29/15000000000000-floodgates-will-open-for-bitcoin-upon-approval-of-btc-exchange-traded-fund-glassnode-founders/