The co-founders of the cryptocurrency analysis company Glassnode have forecasted the possibility of a staggering $15 trillion entering the Bitcoin markets if the Spot-based exchange-traded fund (ETF) gains approval. Jan Happel and Yann Allemann, the co-founders of Glassnode, have revealed that companies with combined assets exceeding $15 trillion are actively seeking approval for a Bitcoin Spot ETF.
The introduction of Bitcoin Spot ETFs has the potential to completely transform the cryptocurrency market landscape in unprecedented ways. There are trillions of dollars poised on the sidelines, awaiting the arrival of a BTC ETF tied to the Spot market this year. These substantial capital inflows could have the potential to drive the markets into positive territory and initiate a fresh wave of profit generation.
Bitcoin and the Spot ETF: A Glimpse into the Future
The potential approval of the forthcoming Spot ETFs has the capacity to drive BTC towards potential gains. The continuous inflow of funds could propel BTC’s price to new highs in the short run. However, the event might ultimately transform into a ‘sell the news’ occurrence, influenced by global market dynamics. Nonetheless, one of Glassnode’s co-founders anticipated that Bitcoin might cool off after reaching the $35,000 threshold.
He suggested that BTC could lose momentum as investors might opt for profit-taking in the near future. “It’s fair to say that the bulls have had the upper hand this week, at least for the time being. BTC has finally found stability and somewhat tapered off after several days of gains, with a price dip to around $34,000.”
At the time of reporting, Bitcoin was being traded at $34,337, marking a nearly 1% increase in the 24-hour trading period. BTC has retraced by nearly 51% from its all-time peak of $69,044, reached in November 2021.