The ongoing excitement over the possibility of Bitcoin ETF approval has not abated despite its constant delays. On the contrary, the approval of these applications led to an increase in bullish bets. CryptoQuant thinks BTC could become a $900 billion asset if BTC spot ETFs gain approval. However, the overall cryptocurrency market could gain an additional $1 trillion in value.
Currently, Bitcoin has a market cap of $557 billion and the leading cryptocurrency is trading at $28,582. Koinfinans.com As we reported, the total market value currently stands at $1.09 trillion. Adding another $1 trillion could potentially reach $2 trillion.
In this context CryptoQuantis actively assessing that the institutional adoption seen in 2020-2021 is driven by institutions incorporating BTC into their balance sheets. The firm predicts that the upcoming trend may include financial institutions allowing their clients access to BTC through spot ETFs.
CryptoQuant determines the Assets Under Management of entities seeking approval to list Bitcoin ETFs. [AUM] He suggests that if they allocate 1% to these ETFs, approximately $155 billion could enter the BTC market. This would account for almost a third of Bitcoin’s current market value. If such a development occurs, it could theoretically increase the BTC price to a range between $50,000 and $73,000.
Earlier this week, a false report claiming that BlackRock’s application had received approval caused a nearly 10% increase in BTC price. As a result, the above-mentioned prediction has a possibility of coming true.