Spot Bitcoin ETF Approvals Could Add $1 Trillion to Crypto Market Cap, CryptoQuant Says

📆 18/10/2023 03:09:00
📰 CoinDesk

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Blockchain analytics firm CryptoQuant’s models predict that $155 billion will flow into the bitcoin market cap should the ETFs be approved.

Bitcoin will become a $900 billion asset, and the total crypto market will grow by $1 trillion, should the bitcoin spot exchange-traded funds be approved, data analytics firm CryptoQuant wrote in a recent report.

CryptoQuant says that if the issuers that have applied to list bitcoin ETFs put 1% of their Assets Under Management to these ETFs, approximately $155 billion could enter the bitcoin market. This represents almost a third of bitcoin's current market capitalization. Should this scenario take place, it would hypothetically push bitcoin's price to between $50,000 and $73,000.

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