“The approval of a BTC Exchange-Traded Fund could trigger a monumental shift in the financial landscape, unleashing a staggering $15 trillion flood of opportunities for Bitcoin, according to Glassnode Founders.”
The co-founders of crypto analytics firm Glassnode believe that once regulators approve a spot-based Bitcoin exchange-traded fund (ETF), a massive influx of capital will flow into Bitcoin. According to Jan Happel and Yann Allemann, institutional investors have trillions of dollars waiting on the sidelines for a spot market BTC ETF.
The introduction of Bitcoin Spot ETFs is expected to have a significant impact on the financial landscape. The demand for approval of Bitcoin Spot ETFs is rising, with over $15 trillion in assets from companies seeking approval. Once Bitcoin ETF Spots get the green light, institutional FOMO (fear of missing out) could potentially ignite a bull run, propelling the crypto market to new heights.
Recently, Bloomberg analyst Eric Balchunas revealed that BlackRock, a financial giant, is already funding its BTC ETF called the iShares Bitcoin Trust.
Looking at the price action of Bitcoin, the Glassnode co-founders note that BTC is cooling off after reaching around $35,000. While future ETF approvals could lead to further gains, they believe that they will be short-term “sell the news” events due to market dynamics.
As of now, Bitcoin is trading at $34,076.
Please note that the opinions expressed in this blog are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or cryptocurrencies. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets.