The CEO of crypto money management firm Blofin has drawn a detailed picture of what will happen if spot Bitcoin (BTC) exchange traded fund (ETF) applications made by world giants are accepted.
In a July 21 report prepared by Blofin CEO Matt Hu and Blofin Macro Trader Griffin Ardern, the price action that can occur if spot Bitcoin ETF applications are accepted by the US Securities and Exchange Commission (SEC) was mentioned. Starting with BlackRock, the world’s largest asset manager, the report ETF wind backed by Bitcoin in the first quarter of 2024 at best $52,500 that it can be reached.
In ordinary market conditions, where investors do not have much expectations, the total value of the total cryptocurrency market 1.2 to 1.4 trillion dollars In the report, which states that it will be stuck between $30,880 to $36,000 between them was stated. In the possible scenario, if the market value of Bitcoin is 600 with 700 billion dollars It was suggested that between
According to the report, in another scenario, if ETFs are approved, the market value of Bitcoin will increase in the first quarter of 2024. 960 billion dollars will reach. However, with ETFs increasing interest in Bitcoin, Bitcoin domination in 60% of will rise above and Bitcoin price $46,300 to $49,400 will vary between
FED and halving could strengthen the rise
The report also states that the Federal Reserve (FED) to cut interest rates 2024 of the year April will take place in Bitcoin halving and developments such as approval of ETFs come together a stronger rise could be triggered. In this case, the market value of Bitcoin $1.02 trillion as a price estimation, while it is stated that $52,500 mark was done. In the same scenario, the total market value of the cryptocurrency market is $1.7 trillion expected to be achieved.