Wall Street’s Gaze Fixed on $100 Billion Potential as Bitcoin Spot ETF Emerges

"Bloomberg Intelligence Predicts $100 Billion Growth Potential as SEC Considers Approving Bitcoin Exchange-Traded Funds"

Bloomberg Intelligence predicts that the market for Bitcoin exchange-traded funds (ETFs) has the potential to reach a staggering $100 billion. This forecast comes as respected heavyweights such as BlackRock, Fidelity, and Invesco show interest in entering the market.

After a decade of rejecting applications for Bitcoin ETFs, the U.S. Securities and Exchange Commission (SEC) is expected to approve these investment vehicles by mid-January or even sooner. This anticipation has sparked a new wave of excitement around Bitcoin, with investors speculating that wealth managers and financial advisers may allocate a portion of their trillion-dollar portfolios to the cryptocurrency.

In the past month, Bitcoin’s price has risen by 30%, reaching yearly highs before experiencing a slight correction. Many attribute this price surge to the approaching ETF approval deadlines. Investors are hopeful that the introduction of ETFs will bring more institutional money into the market, further boosting Bitcoin’s value.

According to the latest report from CoinShares, digital asset investment products attracted $176 million in inflows last week. This marks the eighth consecutive week of inflows, bringing the total inflows for the year to $1.32 billion. The report also reveals that $155 million of the inflows were directed towards Bitcoin, accounting for 3.4% of the total assets under management (AuM).

As the positive sentiment towards cryptocurrencies continues to grow, an on-chain analytics firm reports evidence of new money flowing into the market. Long-term investors are also seen accumulating more Bitcoin. Notably, institutions in the United States have shown increased demand for Bitcoin over the past month.

At the time of writing, Bitcoin was up 1.99% in the last 24 hours, trading at $37,223. This positive momentum reflects the growing interest and confidence in the cryptocurrency market.

Please note that this article was originally published on U.Today and any brand mentions have been omitted.

Martin Reid

Martin Reid

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