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Spot Bitcoin ETF Approvals May Boost Crypto Market Cap By Almost $1 Trillion, Fire BTC Price To $73K, CryptoQuant Says

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Bitcoin ETF
Bitcoin ETF

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The approval of spot Bitcoin exchange-traded funds (ETFs) in the US may boost crypto’s market capitalization by $1 trillion and fire BTC’s price to as high as $73,000, CryptoQuant said.

The research firm sees the next wave of Bitcoin’s institutional adoption coming from the launch of spot Bitcoin ETFs and expects an initial inflow of $150 billion in assets once they are approved, it said in a new report.

It says historical data shows that such an increase would increase Bitcoin’s market cap by between $450 billion and $900 billion and spur a price surge to between $50,000 and $73,000.

The cryptocurrency market cap first passed the $1 trillion milestone in January 2021 and now stands at about $1.13 trillion, with Bitcoin accounting for more than half of the total.

There are at least seven spot Bitcoin applications filed by fund management heavy weights that include ARK 21 Shares, BlackRock, Bitwise, VanEck, Invesco Galaxy, Fidelity and Valkyrie. All are unnder review by the Securities and Exchange Commission (SEC)

SEC Under Intense Pressure To Approve Spot Bitcoin ETFs

The regulator is under intense pressure to approve them after Grayscale Investments won a landmark court victory against it in late August.

The judge in that case called the regulator’s decision to approve Bitcoin Futures ETFs, but not spot Bitcoin ETFs, ”arbitrary and capricious.”  The SEC has decided not to appeal the decision, further shortening the odds for an imminent approval.

Former BlackRock director Steven Schoenfield says spot Bitcoin ETFs may be approved as early as January, and that they may attract as much as $200 billion to Bitcoin investment products.

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