- According to Bloomberg Intelligence’s estimates, if the Spot BTC
ETF is approved, it is expected to have a value of approximately $100 billion in the current market valuation.
- Jeff Janson, a wealth advisor at Summit Wealth managing over $550 million in assets, expects strong institutional interest when the SEC approves.
- Bitcoin transaction fees last rose in May, reaching around $30. Currently, transaction fees have dropped to $10.
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What kind of capital inflow will spot Bitcoin ETFs in the US trigger? Experts’ opinions on the subject and expectations about ETFs!
Potential Impact of Spot Bitcoin ETFs in the U.S.
The approval of a Bitcoin ETF has become the most anticipated event in the cryptocurrency industry. Meanwhile, according to Bloomberg Intelligence’s estimates, if the Spot BTC ETF is approved, it is expected to have a value of approximately $100 billion in the current market valuation.
The volatility in the price of Bitcoin is evidence of the impact such news can have on the market. Both retail and institutional investors are eagerly awaiting the approval of the first Bitcoin Spot ETF. The decision to approve any of the current applications is still under review by the U.S. Securities and Exchange Commission (SEC).
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However, experts believe the current situation is stable because they predict the first Bitcoin Spot ETF to become operational around January. With major companies like BlackRock, Fidelity, and Invesco expected to enter the market, experts believe the Bitcoin Spot ETF market could reach $100 billion or more.
Galaxy Digital Holdings Ltd., working on an application with Invesco, conducted a meeting with approximately 300 investment professionals to discuss Bitcoin allocation ideas as it enters the ETF market.
In particular, Jeff Janson, a wealth advisor at Summit Wealth managing over $550 million in assets, expects strong institutional interest when the SEC approves. According to experts, upcoming ETFs will provide investors with a direct and cost-effective path to pure Bitcoin, bypassing additional costs from futures options.
Bitcoin Transaction Fees Increase Alongside the Bitcoin ETF Story
With the expected approval of a Bitcoin ETF, Bitcoin transaction fees have increased for the second time this year. According to data, the average transaction fee of Bitcoin surged from $7 to $18.67 on November 17, marking a 506.9% YoY increase. This is the second-highest in a year and the third-highest in six months. Bitcoin transaction fees last rose in May, reaching around $30. Currently, transaction fees have dropped to $10.
Market observers suggest that a spot Bitcoin ETF is likely to attract institutional investment funds, potentially leading to new highs in Bitcoin’s price in the coming months. Additionally, Bloomberg experts predict a 90% likelihood of authorities approving all proposals in the same group in January.
As of writing, the price of Bitcoin has risen by 1.90% in the last 24 hours to $37,160, and the trading volume has also increased by 41.84% to $15.99 billion.