ARK Invest founder Cathie Wood revealed her fundamental and bullish predictions for BTC following the approval of the spot Bitcoin ETF. Meanwhile, the first day of ETF trading on Wall Street was quite active. On the first day of the ETF, 700,000 individual BTC ETF transactions were processed.
Cathie Wood reveals bullish targets after Bitcoin ETF
cryptokoin.comAs you follow from , the SEC finally approved 11 spot Bitcoin ETF applications. After this, these products started processing on January 11. Following this development, ARK Invest founder Cathie Wood confirmed ARK Invest’s bullish prediction that Bitcoin will reach $1.5 million by 2030. In this context, Wood made the following statement:
Our base case is in the $600,000 range. Our bull scenario is $1.5 million by 2030. We think that the possibility of a bull scenario increases with SEC approval. This is a green light, making our bull scenario more likely. You can see the building blocks of price prediction on Ark Invest’s website. You can see how conservative we are in terms of these building blocks. This is a big idea. The first global, decentralized, digital, rules-based monetary system in history. This is critical! This is a very big idea.
Meanwhile, ARK Invest was one of 11 spot Bitcoin ETF applications approved by the SEC. Others include BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex WisdomTree and Invesco Galaxy. Spot BTC ETF creates a monetary pipeline between Wall Street and BTC.
How was the first day of Bitcoin ETF trading on Wall Street?
The market witnessed 700,000 individual BTC ETF transactions on Thursday, which included 11 spot ETFs. Grayscale, on the other hand, dominated the show. The first day of spot Bitcoin ETF trading on Wall Street was quite active. Grayscale dominated trading with over $4 billion in trading volume on the first day. Bitcoin made its mark with unprecedented trading volume in the history of the ETF launch.
BlackRock Inc. Almost a dozen Bitcoin ETF funds, including major investment players such as Fidelity Investments and Fidelity Investments, made an impressive debut with a flurry of activity that resulted in nearly $4.6 billion worth of shares being traded on the first day. Industry advocates see these ETFs as a crucial launching pad for broader adoption by everyday investors. He also expects these to act as a catalyst for further market gains.
ETF Expert: Transactions exceeded my expectations!
Bloomberg’s ETF expert Eric Balchunas reported that a total of 700,000 individual transactions were made in the market. For context, this figure is twice the number of transactions observed for QQQ. But the latter is experiencing more significant dollar volume due to greater corporate participation. Balchunas says the increased base movement for the Bitcoin ETF has exceeded his expectations, despite significant seed purchases. He also notes that this is a positive. In this context, Balchunas shared the following:
There were a total of 700,000 individual transactions in and out of 11 spot ETFs today. For context, that’s twice the number of transactions for QQQ (although it sees much larger dollar volume because it uses bigger fish). So a lot more grassroots movement (against big seed purchases) than I expected…
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