Greed

Galaxy

Bitcoin ETF

Bitcoin

Spot

<div class="insidebitcoins">
 <p>Bitcoin price may surge 74.1% to more than $59K during the first year after spot Bitcoin ETFs (exchange-traded funds) are approved in the US, says crypto investment firm Galaxy Digital.</p>
 <p>Inflows of $14 billion are likely in the first year, ramping up to $27 billion in the second year and $39 billion the year after, said research associate Charles Yu.</p>
 <p>He sees Bitcoin price rising 6% in the first month before monthly gains are pared to about 3.7% by the last month of the first year.</p>
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
  <p lang="en" dir="ltr">Approval for a US-regulated spot #Bitcoin ETF will be one of the most impactful catalysts for the adoption of Bitcoin.</p>
  <p>In our latest report, we estimate potential new incremental inflows into Bitcoin investment products ranging from ~$125bn to ~$450bn: https://t.co/1FCl7rpv1E</p>
  <p>— Galaxy (@galaxyhq) October 24, 2023</p>
 </blockquote>
 <p></p>
 <p>Yu further predicts that the US Bitcoin ETF market size will grow to $26.5 trillion during the second year after an ETF launches, and increase to $39.6 trillion after the third year.</p>
 <p>Besides ETF approvals, BTC’s rally in 2024 could also be driven by the halving event and the likelihood that interest rates will have peaked.</p>
 <p>Bitcoin is up by 21% in the past week, driven higher by optimism over the approval of about a dozen applications for spot Bitcoin ETFs. While the Securities and Exchange Commission has yet to approve such a product, investors are increasingly optimistic that it is only a matter of time before it gives the green light.</p>
 <h2 id="bitcoin-to-post-more-gains-on-adoption">Bitcoin To Post More Gains on Adoption</h2>
 <p>Yu said that his estimates for Bitcoin price are conservative and don not take into account the “second-order effects” of the approval of a spot Bitcoin ETF. If the approvals do causes ripple effects, such as ETF approvals in other global markets, the price will likely roar past his 74% estimate.</p>
 <p>“In the near-term, we expect other global/international markets to follow the US in approving + offering similar Bitcoin ETF offerings to a wider population of investors,” Yu said.</p>
 <p>The US wealth management industry is valued at about $48 trillion. Yu estimates that an ETF will help ease some of these institutional inflows into the market as fund managers increase their exposure to Bitcoin.</p>
 <h3 id="also-read">Also Read</h3>
 <ul>
  <li>BlackRock Spot Bitcoin ETF Listing That Fired Crypto Prices Higher On Tuesday Was Added In August As ”Standard Practice”</li>
  <li>Crypto Products See Inflows For Fourth Week As Bitcoin Dominates, Ethereum Struggles</li>
  <li>Crypto Fear and Greed Index Surges To Highest Since Bitcoin Hit $69K In November 2021</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-to-surge-74-to-59k-in-first-year-after-spot-bitcoin-etf-approvals-galaxy-digital-says-tbt67737.html">https://thebittimes.com/bitcoin-price-to-surge-74-to-59k-in-first-year-after-spot-bitcoin-etf-approvals-galaxy-digital-says-tbt67737.html</a></p>
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Bitcoin Price To Surge 74% To $59K In First Year After Spot Bitcoin ETF Approvals, Galaxy Digital Says

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