The co-founders of crypto analytics firm Glassnode believe a flood of capital will flow into Bitcoin once regulators give the green light to a spot-based BTC exchange-traded fund (ETF).
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic name on the social media platform X, say Trillions of dollars of institutional capital are waiting on the sidelines for a spot market BTC ETF.
“The launch of Bitcoin spot ETFs is changing the financial landscape in unprecedented ways. Demand is rising: over $15 trillion in corporate assets are seeking Bitcoin spot ETF approval.
The looming institutional FOMO (fear of missing out), once Bitcoin ETF spots get the green light, could potentially trigger a bull run and propel us to new heights in the crypto market.”
Last week, Bloomberg analyst Eric Balchunas said that financial giant BlackRock is already funding its BTC ETF, the iShares Bitcoin Trust.
Looking at Bitcoin price action, Glassnode co-founders say BTC is gradually cooling off after rising to around $35,000.
“It’s safe to say the Bulls have won this week, at least for now. BTC has finally stabilized after several days of increases and lost some momentum, with the price falling to around $34,000.
Future ETF approvals could lead to further gains; However, due to market dynamics, these are short-term sell-the-news events.”
At the time of writing, Bitcoin is trading at $34,076.
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