Galaxy Predicts Spot Bitcoin ETFs Will Fetch Inflows Of $14.4 Billion In First Year After Launch ⋆ ZyCrypto
The post Galaxy Predicts Spot Bitcoin ETFs Will Fetch Inflows Of $14.4 Billion In First Year After Launch ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin recently broke above $35,000, fueled by investor optimism that spot-price Bitcoin exchange-traded funds (ETFs) are on the way. According to estimates from Galaxy Digital, spot ETFs for the largest cryptocurrency could attract $14.4 billion in inflows during the first year of issuance. How Spot Bitcoin ETFs May Elevate BTC Price By 74% After Launch Crypto investment firm Galaxy Digital’s models predict that spot Bitcoin ETFs could fetch at least $14.4 billion in the first year after launch. The inflows could increase to approximately $27 billion in the second year and $39 billion in the third year, Galaxy said in the Tuesday research report. “The U.S. wealth management industry will likely be the most addressable and direct market that would have the most net new accessibility from an approved Bitcoin ETF,” the note read. “As of October 2023, assets managed by broker-dealers ($27 trillion), banks ($11 trillion) and RIAs ($9 trillion) collectively totaled $48.3 trillion.” Crypto market investors have been eagerly waiting for a spot Bitcoin ETF for over a decade. The U.S. Securities and Exchange Commission (SEC) has blocked applications for such an investment vehicle at every turn over concerns of market manipulation. But recent regulatory developments and broader institutional adoption of BTC as a new asset class have analysts now saying a spot ETF is closer than ever before. A false report last week propelled Bitcoin 10% higher in the span of hours, whilst the discovery of BlackRock’s Bitcoin ETF, iBTC, on the Depository Trust and Clearing Corporation (DTCC) list caused an 11% BTC pump on Monday. Advertisement     As such, Galaxy Digital estimates that the inflows could catalyze a 74.1% Bitcoin price increase in the first year after spot ETFs debut in the U.S. market. Galaxy: 3 Reasons 2024 Is Going To Be…
Filed under: News - @ October 25, 2023 7:20 pm