The expectation that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF by mid-2024 continues to excite cryptocurrency investors. Market experts are evaluating how much the price of Bitcoin (BTC) can increase, especially after the SEC gave the green light to the ETF application from BlackRock, the world’s largest asset management company.
Matrixport: Bitcoin Spot ETF Approval Could Push Prices Up to $56,000
In its recent research, crypto financial services company Matrixport stated that if SEC approves BlackRock’s spot Bitcoin ETF, the price of BTC could reach up to $42,000. Matrixport also added that with the approval of a spot Bitcoin ETF, there is a potential for $50 billion in inflows, which could push the price of Bitcoin up to $56,000.
Bitcoin is currently trading around $28,419 with a 0.16% increase in the last 24 hours. Matrixport’s two predictions correspond to a 47.78% and 97.05% increase in BTC, respectively.
Pending Spot Bitcoin ETF Approvals
There are currently 12 spot Bitcoin ETFs awaiting approval from the US federal regulator SEC. Among the ETF issuers awaiting approval are Grayscale, 21Shares & ARK, BlackRock, Bitwise, VanEck, WisdomTree, Invesco & Galaxy, Fidelity, Valkyrie, Global X, Hashdex, and Franklin.
Bloomberg ETF analysts Eric Balchunas and James Seyffart recently raised the probability of SEC approving at least one of the spot Bitcoin ETF applications to 90%. The increase in probability came after 21Shares & ARK updated their spot Bitcoin ETF application at the request of the US SEC.
Analysts expect SEC to approve a spot Bitcoin ETF by January 10. The recent updates in spot Bitcoin ETF applications indicate that SEC is undergoing a constructive process for ETFs. In their update to the 21Shares & ARK ETF application, they added five pages of risk disclosures, new language, and more context.
