According to analysis by cryptocurrency platform Matrixport, spot Bitcoin ETFs could bring tens of billions of dollars to the market.
According to the Matrixport report, there are around 15,000 licensed investment consultants in the USA and manage approximately 5 trillion dollars in total.
The report states that “this community has huge potential” and that investors’ portfolios are only Allocating 1% to Bitcoin to the market “There may be a money flow of 50 billion dollars” It is stated.
It is estimated that exchange traded funds (ETFs) created for precious metals have a total market value of $120 billion.
According to Matrixport, if 10-20% of these investors also invest in a Bitcoin ETF to hedge against inflation, they would invest approximately 12-24 billion dollars There may be an inflow of money.
Although the US Securities and Exchange Commission has not yet approved applications for the spot Bitcoin ETF, expectations began to turn optimistic after the court made a decision in favor of Grayscale in August.
According to Matrixport’s report, the approval of the application made by BlackRock, the world’s largest asset manager, could lead to a major movement in the Bitcoin price:
“If Tether’s market value rises to $24 billion, representing the money that will flow into the ETF, the price of Bitcoin will rise to $42,000 with a conservative estimate. “If there is a larger inflow of $50 billion, Bitcoin could potentially move as high as $56,000.”