$15 Trillion Could Enter the Markets for Bitcoin Upon Spot-Based ETF

The co-founders of the cryptocurrency analytical firm Glassnode projected that a floodgates of $15 trillion could enter the markets for Bitcoin upon the approval of the Spot-based exchange-traded fund (ETF). Glassnode co-founders Jan Happel and Yann Allemann said on X that companies with assets over $15 trillion are collectively seeking Bitcoin Spot ETF approval.

The Bitcoin Spot ETFs could reshape the landscape of the cryptocurrency markets in unprecedented ways. Trillions of dollars are waiting on the sidelines for a Spot market BTC ETF this year. The large capital inflows could potentially turn the markets into green and usher in a new round of profit bookings.

Also Read: US Central Bank Eyeing Digital Dollar to Counter BRICS Pay

“The introduction of Bitcoin Spot ETFs is reshaping the financial landscape in unprecedented ways. Demand is on the rise, with over $15 trillion in assets from companies seeking Bitcoin Spot ETF approval,” said Glassnode co-founder.

He added, “The looming institutional FOMO, once Bitcoin ETF Spots get the green light, could potentially ignite a bull run, propelling us to new heights in the crypto market.”

Also Read: VeChain (VET) Price Prediction: November 2023

Bitcoin Spot ETF: What Next For BTC Next?

Bitcoin etf
Source – Crypto News

The upcoming Spot ETF approvals could lead to BTC experiencing potential gains. The steady inflows might take BTC’s price to new highs in the short term. Nonetheless, the event might end up being a ‘sell the news’ phenomenon due to the global market dynamics.

Also Read: When Will Dogecoin Reach $1?

However, the Glassnode co-founder predicted that Bitcoin could cool down after touching the $35,000 mark. He predicted that BTC could lose steam as investors might end up profit-booking soon. “It’s safe to say that the bulls won this week, at least for now. BTC has finally stabilized and lost some steam after several days of rising, with a price decrease to roughly $34,000.”

At press time, Bitcoin was trading at $34,337 and is up nearly 1% in the 24-hour day trade. BTC is down close to 51% from its all-time high of $69,044, which it reached in November 2021.

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