Bitcoin ETF Hype: Bloomberg Intelligence Envisions $100 Billion Market If Regulatory Approval Granted
2023年11月21日 - 1:00AM
NEWSBTC
As Bitcoin (BTC) continues its upward trajectory toward $38,000,
the long-awaited arrival of a US spot Bitcoin exchange-traded fund
(ETF) could open the floodgates of digital currency investing for
institutional and retail investors. Notably, Bloomberg Intelligence
estimates that the potential spot Bitcoin ETF market could reach a
staggering $100 billion, signaling a breakthrough for
cryptocurrencies on Wall Street. Inquiries Surge As Spot Bitcoin
ETF Looms The anticipation surrounding Bitcoin ETFs stems from the
expected regulatory approval by the US Securities and Exchange
Commission (SEC). After a decade of rejecting various applications,
the SEC is on track to green-light ETFs that will enable the buying
and selling Bitcoin within a tax-efficient and cost-effective
framework. This pivotal regulatory shift has sparked optimism
among digital asset proponents, who see this as a redemption
opportunity following the industry’s recent challenges. Respected
heavyweights such as BlackRock, Fidelity, and Invesco are expected
to participate in the spot Bitcoin ETF market. Collaborations like
the one between Galaxy Digital Holdings and Invesco further
emphasize the growing interest from reputable financial
institutions. Related Reading: Altcoin Corrections Signal
Strong Buy Opportunities: Crypto Analyst On this matter, Galaxy
Digital recently hosted a conference call attended by approximately
300 investment professionals, discussing strategies for allocating
investments to Bitcoin in anticipation of the ETF debut. According
to Bloomberg, wealth managers and financial advisers are
increasingly intrigued by the potential of Bitcoin ETFs.
Professionals like Jeff Janson at Summit Wealth have received
inquiries from investors of all ages, indicating a growing appetite
for digital assets in portfolios. Coinbase suggests that ETFs
will attract immediate inflows and reshape the market through fresh
lending and derivatives trades. However, it is important to note
that this transformation will take time to unfold fully. The
imminent launch of Bitcoin ETFs represents a significant milestone
for the cryptocurrency industry, potentially catapulting it into
the mainstream financial landscape. As estimated by Bloomberg
Intelligence, the projected $100 billion market for spot Bitcoin
ETF underscores the growing confidence and widespread interest
among investors. BTC’s Dominance Unshaken According to a
recent report by CoinShares, Bitcoin has maintained its dominance
in the cryptocurrency market, experiencing a notable inflow of $155
million. This surge in investment comes as the last eight
weeks of inflows alone account for approximately 3.4% of the total
assets under management. Related Reading: Solana DEX Trading Volume
Spikes 54% In The Last Week, TVL Climbs Interestingly, while
Bitcoin saw substantial inflows, there were outflows of
approximately $8.5 million from short-Bitcoin positions the
previous week. This suggests that investors are increasingly
optimistic about BTC’s future and its potential for further
growth. In line with the above, the report suggests that this
positive BTC sentiment is closely linked to the expected approval
of a spot Bitcoin ETF in the United States. At the time of writing,
BTC is trading at $37,100, up 1.7% in the past 24 hours, with
expectations that the largest cryptocurrency on the market can once
again break through the $38,000 mark and consolidate above it to
target the $40,000 mark. However, it remains to be seen
whether the SEC’s approval of spot Bitcoin ETFs will be the main
catalyst for further gains in the coming months or whether a
rejection could cause BTC to test investor confidence and lower
support levels. Featured image from Shutterstock, chart from
TradingView.com
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