Bitcoin ETF

Bitcoin

Spot

Billion

<div class="insidebitcoins">
 <p>The approval of spot Bitcoin ETFs (exchange-traded funds) will unlock about $70.5 billion in new demand for Bitcoin and may boost its price, says blockchain data firm Glassnode.</p>
 <p>The new demand will come as investors reallocate funds from stocks, bonds and gold to BTC, Glassnode said in a Nov. 20 report.</p>
 <p>Its projection is based on the assumption that 10% of money currently invested in major stock and bond ETFs would shift to a Bitcoin ETF, along with about 5% of assets under management from the gold market.</p>
 <p>“Based on these assumptions, we estimate approximately $60.6 billion could flow into Bitcoin from the combined stock and bond ETFs, and about $9.9 billion from the gold market,” it said. “This significant infusion of new capital could have a considerable impact on Bitcoin’s market, potentially driving up its price as it gains broader acceptance and becomes integrated into more traditional investment portfolios.”</p>
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
  <p lang="en" dir="ltr">Explore the potential impact of Spot #BitcoinETF on #crypto markets in our latest #FinanceBridge issue. Learn how the approval could affect #BTC's supply and demand dynamics of and discover essential #Glassnode metrics to track in this new environment: https://t.co/0SQymAt5bG</p>
  <p>— glassnode (@glassnode) November 22, 2023</p>
 </blockquote>
 <p></p>
 <p>Research firm&nbsp;Bernstein&nbsp;says crypto fund managers are poised to see assets under management surge as much as 13-fold in the next five years to $650 billion as the approval of spot crypto ETFs fuels exponential growth.</p>
 <p>It says the crypto fund management industry is on the cusp of a transformation from a “cottage industry’’ into a sector with $50 billion in revenues over the period.</p>
 <h2 id="span-style-font-weight-400-a-dozen-spot-bitcoin-etf-applications-await-approval-span"><span style="font-weight: 400">A Dozen Spot Bitcoin ETF Applications Await Approval</span></h2>
 <p><span style="font-weight: 400">There are about a dozen applications by fund managers to launch spot Bitcoin ETFs, including from industry titans including BlackRock and Fidelity. Bloomberg Intelligence ETF analysts say there is 90% chance that the Securities and Exchange Commission will approve some such products by early January.</span></p>
 <h2 id="related-news">Related News</h2>
 <ul>
  <li>Cilinix Crypto Provides Update on New Bitcoin ETF-Inspired Crypto ICO – Should You Still Buy $BTCETF?</li>
  <li>Why The Humbling Of Binance And CZ Is A Boon For BlackRock, Spot Bitcoin ETFs And New $BTCETF Token That’s Raised $1.34m.</li>
  <li>Coinbase CEO Says Binance’s $4.3 Billion Settlement Deal With US Is An Opportunity For Crypto Industry To Open New Chapter.</li>
 </ul>
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/spot-bitcoin-etf-approvals-will-trigger-70-billion-in-new-demand-for-bitcoin-and-may-boost-its-price-glassnode-says-tbt71529.html">https://thebittimes.com/spot-bitcoin-etf-approvals-will-trigger-70-billion-in-new-demand-for-bitcoin-and-may-boost-its-price-glassnode-says-tbt71529.html</a></p>
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Spot Bitcoin ETF Approvals Will Trigger $70 Billion In New Demand For Bitcoin And May Boost Its Price, Glassnode Says

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