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

📆 10/18/2023 12:09 AM
📰 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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| Why a Spot Bitcoin ETF Would Help the Crypto MarketNoelle Acheson is the former head of research at CoinDesk and Genesis Trading. This article is excerpted from her Crypto Is Macro Now newsletter, which focuses on the overlap between the shifting crypto and macro landscapes. These opinions are hers, and nothing she writes should be taken as investment advice.
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The Ripple Effects of a Spot Market Bitcoin ETFMatan Doyich is the co-founder and CEO at Crypto Index.
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