2023-10-29 09:24:49
Bitcoin spot ETF is highly anticipated by the currency circle. Yann Allemann, co-founder of Glassnode, said today that the total assets under management of companies currently seeking approval for Bitcoin spot ETF applications exceed US$15 trillion. Once the Bitcoin spot ETF is approved, institutional-level FOMO is expected to spark a cryptocurrency bull market.
(Previous summary: DTCC poured a bucket of cold water on it, and the SEC still has the final say on Bitcoin spot ETFs)
(Background supplement: Sort out the SEC review process and predict the possible time for the approval of the “first Bitcoin spot ETF”)
Since asset management giant BlackRock submitted a Bitcoin spot ETF application to the SEC in June, it has set off a wave of applications from traditional financial institutions, currently including Ark Investment, Bitwise, Invesco, WisdomTree, Valkyrie, Wise, Global X, VanEck, etc. All relevant applications have been submitted.
At the same time, Grayscale’s efforts to convert its Bitcoin trust fund GBTC into a Bitcoin spot ETF have also made progress. The court has asked the SEC to review its previous decision to reject this application. The SEC ultimately did not appeal, leaving the market to judge that GBTC will be converted into a Bitcoin spot ETF. The probability of spot ETFs has greatly increased.
The total assets of the applicant exceeded 15 trillion magnesium
Further reading:If Grayscale ultimately wins the SEC lawsuit, will it open up a new landscape for cryptocurrency?
Yann Allemann, co-founder of on-chain data analysis company Glassnode, tweeted todayexpressBitcoin spot ETF is reshaping the global financial landscape. Currently, the total assets under management of companies seeking approval for Bitcoin spot ETF applications have exceeded US$15 trillion:
Once a Bitcoin spot ETF is approved, the impending institutional-grade FOMO might spark a bull run that might propel the cryptocurrency market to new heights.
Regarding the Bitcoin market, Yann Allemann shares the latest GlassnodeReportIt was pointed out that the bulls won this week. After several days of gains, Bitcoin finally stabilized and lost some momentum. The currency price fell to around US$34,000. If the ETF is approved in the future, the currency price is expected to rise further. However, In the short term it will be a “sell the news” event.
The potential market size is huge
Previously, Galaxy Digital was released earlier this monthReportpointed out that as of September 30, the total number of Bitcoins held by Bitcoin investment products (including ETPs and closed-end funds) was 842,000, approximately US$21.7 billion. These products have shortcomings such as high fees and low liquidity. In comparison, spot ETFs have the advantages of efficiency, convenience, and regulatory compliance.
The report estimates that if the U.S. spot Bitcoin ETF is launched, the potential market size will be approximately US$14 trillion in the first year, approximately US$26 trillion in the second year, and approximately US$39 trillion in the third year. In addition, the inflow volume of the Bitcoin ETF in the first year It will reach US$14.4 billion, increase to US$26.5 billion in the second year, and increase to US$38.6 billion in the third year.
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