Glassnode Co-Founders Believe Bitcoin ETF Approval Will Unlock Trillions of Dollars
The co-founders of Glassnode, a crypto analytics firm, predict that Bitcoin will experience a surge in capital inflow once regulators approve a spot-based BTC exchange-traded fund (ETF). According to Jan Happel and Yann Allemann, institutional investors are currently holding trillions of dollars on the sidelines, waiting for the introduction of a BTC ETF.
Happel and Allemann state that the approval of Bitcoin Spot ETFs will have a transformative effect on the financial landscape. They estimate that over $15 trillion in assets from companies seeking BTC ETF approval is currently in demand. The anticipation of such an approval could trigger institutional FOMO (fear of missing out) and potentially lead to a bull run, driving the crypto market to new heights.
BTC Price Cools Off After Reaching $35,000
Following its rise to approximately $35,000, Bitcoin’s price action has started to stabilize and cool off, according to Glassnode. The co-founders suggest that future ETF approvals may result in further gains for BTC. However, they caution that these events could be short-term “sell the news” occasions due to market dynamics.
As of now, Bitcoin is trading at $34,076.
Hot Take: Trillions Await Bitcoin ETF Approval
The Glassnode co-founders believe that once regulators greenlight a spot-based BTC exchange-traded fund (ETF), Bitcoin will witness an influx of capital from institutional investors. With trillions of dollars currently waiting on the sidelines, the introduction of a BTC ETF could reshape the financial landscape. This anticipation may trigger institutional FOMO and potentially propel Bitcoin to new record levels. However, while future ETF approvals may result in short-term gains, they could also lead to “sell the news” events due to market dynamics.
By
By
By
By
By