<a href="https://en.coin-turk.com/parabolic-rally-after-the-block-reward-halving-is-inevitable/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) price has surpassed the $36,000 threshold for the first time since May 2022. With this recent surge, the price of the largest cryptocurrency has increased by 3.76% in the past week and 31.30% in the past month. Experts believe that this upward trend will continue, as the expectation of the U.S. Securities and Exchange Commission (SEC) approving at least one spot Bitcoin ETF is growing. However, Matt Hougan from Bitwise Asset Management argues that the ETF approval has not yet been priced in, suggesting that the real rally has not yet begun.
<h2 style="text-align: justify" id="spot-bitcoin-etf-approval-not-yet-priced-in">“Spot Bitcoin ETF Approval Not Yet Priced In”</h2>
Matt Hougan, the Chief <a href="https://en.coin-turk.com/bitgo-one-of-the-oldest-crypto-custody-companies-raises-100-million-in-series-c-funding/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investment</a> Officer at Bitwise Asset Management, stated in a recent interview with CoinDesk that the gains in Bitcoin this year have been impressive, and some attribute it to the expectation of an ETF approval. However, he clarified that the ETF approval has not been priced in yet.
<img decoding="async" class="aligncenter size-full wp-image-274817" src="https://coin-turk.com/wp-content/uploads/2023/11/Bitcoin-BTC-Fiyat.jpeg" alt="" width="1280" height="720">
Hougan said, “This is not priced in at all because the people who will buy this ETF are not aware of its future or probably even its likelihood. Most <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> advisors, who are the natural target audience for this ETF, do not expect it to come until 2025 or later.” He also added, “If people who will buy this ETF do not think it will be approved in the next two months, then how can it be priced in?”
According to Hougan, ETFs will play a significant role in opening up crypto investments to a wider range of investors, especially financial advisors who manage a significant portion of wealth in the United States.
<h2 style="text-align: justify" id="strong-a-potential-surge-in-bitcoin-similar-to-gold-after-spot-gold-etf-approval-strong">A Potential Surge in Bitcoin Similar to Gold After Spot Gold ETF Approval</h2>
Hougan highlighted that currently, 20% of crypto investments are made by self-directed individual investors, while 80% of the wealth in the United States, which seeks exposure to crypto, is controlled by financial advisors and institutional investors who require an ETF. He said, “There is a whole new investor base for Bitcoin,” and compared the current outlook to the launch of gold ETFs in the early 2000s, stating:
<blockquote>
 “The approval of the spot gold ETF in 2004 led to a continuous increase in the price of gold for eight or nine years, the longest period of consecutive growth in modern history since the creation of the U.S. dollar.”
</blockquote>
Hougan also mentioned that BlackRock, the world’s largest asset management company, applying for a spot Bitcoin ETF in June had a significant psychological impact on the market and completely dispelled the negative sentiment left by the FTX exchange crash. He said, “BlackRock’s application for a Bitcoin ETF and CEO Larry Fink’s statement on Fox Business News that Bitcoin will surpass other currencies alleviated concerns.” Continue Reading: <a href="https://en.coin-turk.com/bitcoin-and-ethereum-june-commentary-price-targets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-and-ethereum-june-commentary-price-targets/</a>

Bitcoin and Ethereum June Commentary: Price Targets

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