Analysts believe the price of BTC could rise 521% before the planned halving in April 2024. The emergence of a spot bitcoin ETF could significantly increase the daily demand for bitcoins.
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“We expect the bitcoin-ETF to attract new investors and create increased demand for BTC,” Fundstrat said.
The company’s analysts believe bitcoin spot ETFs could eventually eclipse the precious metals market, which has nearly $230 billion in assets. In the future the total assets of spot bitcoin ETFs could reach $300 billion, Fundstrat believes.
The U.S. Securities and Exchange Commission (SEC) has officially accepted several filings from companies seeking registration of a bitcoin spot EFT. The first was an entry from race favorite Blackrock, the second was from Valkyrie. The regulator later accepted applications from Bitwise, VanEck, WisdomTree, Fidelity and Invesco. The confirmation has already appeared in the Federal Register.
Brokerage Bernstein recently published a report saying that the likelihood of regulator approval of a spot bitcoin ETF is quite high. However, brokers say the SEC may also reject it, citing the product’s unreliability;