фото показано с : zycrypto.com

The impending debut of the first U.S. spot Bitcoin exchange-traded fund (ETF) emerges as a transformative force in cryptocurrency investments, buoyed by insights and optimism from ETF analyst Eric Balchunas, as revealed in a conversation with DL News.

Balchunas draws inspiration from Canada’s market surge, citing a significant 60% growth in Canadian Bitcoin ETF assets. Specifically, the world’s largest spot Bitcoin exchange-traded fund, the Purpose Bitcoin ETF, surged to over $947 million CAD this year, nearly $700 million in US dollars, according to data from Cboe Global Markets’ Canadian division.

As the crypto sphere eagerly awaits regulatory green lights, Bitcoin surged to an 18-month high, hitting $37,970, subsequent to BlackRock’s initial foray into an Ether ETF. Despite doubling in value since the onset of 2023, Bitcoin still trails its peak value in November 2021.

At least ten asset management firms, including BlackRock and WisdomTree, await Securities and Exchange Commission approval for issuing a spot Bitcoin ETF, potentially arriving in early 2024.

During his discussion with DL News, Balchunas emphasized the significant difference in market size, pointing out that the US ETF market is 32 times larger than Canada’s. He expressed positive expectations, suggesting that the outlook appears “pretty good” for the U.S. Bitcoin ETF market if you consider Canada as a reference.

Bloomberg Analyst: Spot Bitcoin ETFs Closer Than Ever @EricBalchunas pic.twitter.com/2SMZ4rSG29

Renowned investor and Galaxy Digital founder Mike Novogratz has painted a bullish picture for Bitcoin’s future, envisioning a potential surge to $70,000 if the U.S. SEC gives the nod to spot Bitcoin ETFs.

Novogratz’s optimistic projection unfolded during an exclusive Bloomberg interview on November 29, 2023. In his conversation, the Galaxy CEO emphasized the significance of potential SEC approval for spot Bitcoin ETFs, anticipating a substantial impact on the market and a consequential psychological shift.

He highlighted the delicate balance shaping the dynamics of the Bitcoin market, hinting at an incoming influx of new capital that could significantly influence the trajectory of the leading cryptocurrency. Novogratz anticipated a fundamental change in market sentiment once the government greenlights Bitcoin purchases, potentially driving a considerable increase in its valuation.

Novogratz’s and Balchuna’s prediction aligns with the growing excitement in the crypto community over the SEC’s decision to approve spot Bitcoin ETFs.

As per ZyCrypto and the Coinshares Digital Asset Fund Flows Weekly Report, Bitcoin led this positive movement, attracting $312 million in inflows during the last week of November. This significant surge pushed Bitcoin’s year-to-date total to $1.5 billion, reigniting investor confidence in the leading digital asset, sparked by the anticipation of a spot Bitcoin Exchange-Traded Fund (ETF) in the U.S.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

238 +