Bitcoin ETF

Bitcoin

Billion

Spot

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to <a href="https://twitter.com/crypto/status/1726561758691598396" rel="noopener noreferrer nofollow">Bloomberg</a>, the impending debut of Bitcoin exchange-traded funds (ETF), which will open up digital-currency investing to institutional and regular investors, is being heralded as crypto's big breakthrough on Wall Street.
Bloomberg Intelligence forecasts that, with the participation of respected heavyweights such as BlackRock, Fidelity and Invesco, the <a href="https://u.today/analyst-surprised-bitcoin-btc-above-28k-after-etf-debacle" rel="noopener noreferrer nofollow">spot-Bitcoin ETF </a>market has the potential to grow into a $100 billion juggernaut over time.
After a decade of rejecting such applications, the U.S. Securities and Exchange Commission is anticipated to approve exchange-traded funds that would purchase and sell Bitcoin by mid-January or sooner.
This anticipation has driven the latest hype cycle for Bitcoin on bets that the likes of wealth managers and financial advisers might invest a small portion of their trillion-dollar portfolios on the instrument.
Bitcoin's price has risen by 30% in the last month, touching yearly highs before backtracking. Many people attribute the recent price increase to the looming ETF deadlines.
According to the most recent CoinShares report, digital asset investment products had $176 million in inflows last week, continuing a streak of consecutive weekly inflows that has now lasted eight weeks, bringing year-to-date inflows to $1.32 billion.
<a href="https://u.today/bitcoin-btc-whales-balance-hits-new-milestone-details" rel="noopener noreferrer nofollow">Bitcoin</a> saw $155 million in inflows, with the last eight weeks of inflows representing 3.4% of AuM.
As crypto sentiment continues to flourish, on-chain analytics firm <a href="https://medium.com/intotheblock/who-is-driving-the-crypto-rally-143182588f90" rel="noopener noreferrer nofollow">IntoTheBlock</a> reports that there is evidence of new money flowing in as well as long-term investors continuing to accumulate. Bitcoin demand from institutions, notably those in the United States, appears to have increased in the past month.
At the time of writing, BTC was up 1.99% in the last 24 hours to $37,223.

Bitcoin Spot ETF: Wall Street Eyes $100 Billion Potential

U_Today

Other articles published on Nov 20, 2023

Elon Musk Revealed His Stance On OpenAI CEO’s Ouster

Solana has the crowd behind it: Can SOL hit $100?

How JP Morgan Will Boost Crypto Adoption in Avalanche?

Decoding Solana’s Momentum: Will SOL Hit New All-Time Highs?

Yield Guild Games CEO Predicts Shift in Web3 Games

BC.GAME Honored with the Best Casino Operator 2023 Award by SiGMA

Join our free newsletter for daily crypto updates!