The co-founders of crypto analytics firm Glassnode believe a flood of capital will flow into Bitcoin once regulators greenlight a spot-based BTC exchange-traded fund (ETF).
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform participation trillions of dollars worth of institutional capital waits on the sidelines for a spot market BTC ETF.
“The introduction of Bitcoin Spot ETFs is reshaping the financial landscape in unprecedented ways. Demand is increasing, with over $15 trillion in assets of companies seeking approval for Bitcoin Spot ETF.
The looming institutional FOMO (fear of missing out) could potentially trigger a bull run once Bitcoin ETF Spots gets the green light, propelling us to new heights in the crypto market.”
Last week, Bloomberg analyst Eric Balchunas said that financial giant BlackRock is already funding its BTC ETF, the iShares Bitcoin Trust.
Looking at Bitcoin’s price action, Glassnode co-founders say BTC is starting to cool off after rising to around $35,000.
“It’s safe to say the bulls won this week, at least for now. BTC has finally stabilized and lost some steam after several days of gains, with its price falling to around $34,000.
Future ETF approvals could lead to further gains; however, due to market dynamics, they will be short-term ‘sell the news’ events.”
At the time of writing, Bitcoin is trading at $34,076.
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