Galaxy

Bitcoin ETF

Bitcoin

Sources close to Mike Novogratz’s Galaxy Digital say the firm already held a call with hundreds of investment firms about allocating to Bitcoin. 
Although the U.S. Securities and Exchange Commission (SEC) is yet to approve a spot Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) exchange-traded fund (ETF), experts say the market might eventually gain $100 billion from Wall Street investors. 
As per Bloomberg’s <a href="https://www.bloomberg.com/news/articles/2023-11-20/spot-bitcoin-btc-etf-approval-seen-driving-money-managers-to-crypto" target="_blank" rel="noreferrer noopener">sources</a> familiar with the matter, Galaxy Digital, a crypto bank founded by Bitcoin bull Mike Novogratz, held a call earlier this month with roughly 300 investment professionals about doubling down on Bitcoin. The outcome of those talks remain unclear, but Jeff Janson, Advisor at Summit Wealth Partners, told Bloomberg his firm has already received calls from young and old investors. 
<blockquote class="wp-block-quote"> 
 “I feel like we are now staring down the gun barrel of the SEC finally delivering approval. And my belief is that once you have access to it in that type of a wrapper, I think you’re going to have a significant amount of institutional-level interest.” 
 Jeff Janson 
</blockquote> 
 You might also like: <a href="https://crypto.news/fidelity-investments-floats-ethereum-etf-application/"> Fidelity Investments floats fresh Ethereum ETF application </a> 
According to Galaxy’s <a href="https://www.galaxy.com/insights/research/sizing-the-market-for-a-bitcoin-etf/" target="_blank" rel="noreferrer noopener">estimations</a>, the addressable market size of a U.S. Bitcoin ETF might be $14 trillion just one year following an ETF launch, reaching a staggering $39 billion mark by the third year post-launch. 
<figure class="wp-block-image size-large">
 <img decoding="async" loading="lazy" width="1024" height="657" src="https://crypto.news/app/uploads/2023/11/BTC-Spot-ETF-Market-Sizing_1792w-1024x657.png" alt="Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b - 21" class="wp-image-14217749">
 <figcaption class="wp-element-caption">
 Bitcoin Spot ETF market size | Source: Galaxy Digital
 </figcaption>
</figure> 
Poor price performance as well as other factors might lead to lower-than-expected access or adoption, Galaxy analysts pointed out. 
<blockquote class="wp-block-quote"> 
 “On the other hand, we believe our assumptions on access, exposure, and allocation are conservative, so inflows could also be higher than expected.” 
 Charles Yu, Research Associate at Galaxy Digital 
</blockquote> 
The SEC continues to delay ETF application approvals, citing the prevailing uncertainty regarding the approval of such crypto-based investment products. BitGo CEO Mike Belshe&nbsp;<a href="https://crypto.news/bitgo-ceo-expects-additional-round-of-bitcoin-etf-rejections/" target="_blank" rel="noreferrer noopener">anticipates</a>&nbsp;more challenges for the market, addressing unresolved market structure issues as a significant hurdle. 
 Read more: <a href="https://crypto.news/sec-delays-decision-on-franklin-globex-bitcoin-etf/"> SEC delays verdict on Franklin and Globe X’s Bitcoin ETF applications </a>

Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b

crypto.news

Other articles published on Nov 20, 2023

Tether Freezes 225 Million in USDT Linked to Human Trafficking

AGI is excluded from IP licenses with Microsoft should it be attained at OpenAI

ChatGPT Prediksi Harga SOL Akan Sentuh US$1.000 di Akhir Tahun 204

Kronos Lost Million in Ether; User Compared From FTX & Alameda

The Transparency and Punishment of Crypto Crimes

Shiba Inu Magazine Highlights Welly’s Commitment to Shibarium Blockchain

Join our free newsletter for daily crypto updates!