Glassnode Co-Founder Projects $15 Trillion Bitcoin ETF Tsunami: Here’s Why

The post Glassnode Co-Founder Projects $15 Trillion Bitcoin ETF Tsunami: Here’s Why appeared first on Coinpedia Fintech News

If a rumor can pump the BTC price to 16%, imagine what an approval can do. The ever-increasing demand for Bitcoin Spot ETFs, which has surpassed an astounding $15 trillion, marks a seismic shift in the global financial landscape noted by Glassnode co-founder Yann Allemann. The instant pump in interest signifies a significant departure in how institutional investors approach the crypto space. The implications of this growing trend are far-reaching and could herald a new era for institutional investors and the broader market.

$15 trillion Incoming? 

In recent times, according to Allemann, Bitcoin has found relative stability, hovering around the $34,000 mark after a period of consistent gains. However, this apparent equilibrium doesn’t guarantee a clear path forward. The potential approval of forthcoming ETFs may inject fresh momentum into the market, although overall market dynamics could impact its longevity.

Intriguingly, he also digs into the US Dollar Index (DXY), which has shown signs of a potential downtrend, a development worth noting, considering the usual inverse relationship between traditional stocks and digital assets like Bitcoin.

The Competitive Race for Bitcoin ETFs

The race to introduce Spot Bitcoin ETFs is reaching a crescendo. Major financial institutions such as JPMorgan anticipate the SEC approving a Spot Bitcoin ETF shortly, potentially preceding the Ark 21Shares application deadline for January 10th. Coinbase’s Chief Legal Officer, Paul Grewal, also shares this optimism, especially following the SEC’s recent legal setback in its efforts to impede Grayscale’s transformation of its GBTC bitcoin fund into an ETF. 

Impact on Bitcoin Price

In the past week, Bitcoin has surged by an impressive 14.3%, trading at around $34,000. The significant spike occurred on Tuesday when the price shot above $34,000, almost touching $35,000 on some exchanges. This surge is attributed to the ETF excitement.

The Depository Trust and Clearing Corporation briefly listed a spot Bitcoin ETF under BlackRock’s BTC ETF ticker iBTC, fueling speculation of potential SEC approval. Despite no official confirmation, the market is closely watching, with Bitcoin’s price reflecting the anticipation.