According to a Bloomberg ETF analyst, the spot bitcoin exchange-traded fund (ETF) cryptocurrency It could open the door to $30 trillion worth of capital flows to the market.
Eric Balchunas, who follows the ETF industry at Bloomberg Intelligence, told Cointelegraph that a Bitcoin spot ETF would be a game changer for the crypto space as it would appeal to the preferences of traditional investors and financial advisors.
“The ETF is the format that boomers and financial advisors prefer their investments to be delivered in,” Balchunas said.
He added that the recent filing of the world’s largest asset manager BlackRock for a Bitcoin spot ETF significantly increases the likelihood that such a product will be approved by the U.S. Securities and Exchange Commission (SEC).
According to Balchunas, the probability of acceptance of a spot BTC ETF before BlackRock’s application was 1%, now this rate has increased to 50%.
“These are very smart people and they don’t just apply on their own,” said Balchunas. “They’re clearly seeing something they think they can get through the regulators,” he added.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!