The co-founders of the cryptocurrency analytical firm Glassnode projected that a floodgates of $15 trillion could enter the markets for Bitcoin upon the approval of the Spot-based exchange-traded fund (ETF). Glassnode co-founders Jan...
The co-founders of the cryptocurrency analytical firm Glassnode projected that a floodgates of $15 trillion could enter the markets for Bitcoin upon the approval of the Spot-based exchange-traded fund (ETF). Glassnode co-founders Jan Happel and Yann Allemann said on X that companies with assets over $15 trillion are collectively seeking Bitcoin Spot ETF approval.
The Bitcoin Spot ETFs could reshape the landscape of the cryptocurrency markets in unprecedented ways. Trillions of dollars are waiting on the sidelines for a Spot market BTC ETF this year. The large capital inflows could potentially turn the markets into green and usher in a new round of profit bookings.
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Bitcoin Spot ETF: What Next For BTC Next?
The upcoming Spot ETF approvals could lead to BTC experiencing potential gains. The steady inflows might take BTC’s price to new highs in the short term. Nonetheless, the event might end up being a ‘sell the news’ phenomenon due to the global market dynamics.
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At press time, Bitcoin was trading at $34,337 and is up nearly 1% in the 24-hour day trade. BTC is down close to 51% from its all-time high of $69,044, which it reached in November 2021.