Bitcoin Market Cap May Reach $900 Billion with Spot ETFs in 2023
A new report by CryptoQuant suggests that Bitcoin’s market capitalization could experience significant growth if spot exchange-traded funds (ETFs) receive approval in the coming year.
The report anticipates that the influx of institutional funds into the market through spot ETFs could push Bitcoin’s market cap from its current $550 billion to $900 billion. Additionally, the report indicates that the broader cryptocurrency market could see an increase of $1 trillion as a result of the anticipated capital inflow. Notably, the report highlights the potential for these ETFs to attract more substantial investments than the Grayscale Bitcoin Trust (GBTC), a significant Bitcoin fund.
While Grayscale’s efforts to launch a spot market Bitcoin ETF have faced regulatory hurdles, market analysts now expect the SEC to approve such applications, with several major Wall Street players seeking authorization for spot Bitcoin ETFs. Experts suggest that a U.S. Bitcoin ETF may become a reality in the near future, with a 90% likelihood of approval by January 10, according to Bloomberg Intelligence analysts.
Clever Robot News Desk 20th October 2023
