In the morning hours of November 9, 2023, the Bitcoin price crossed the $36,000 threshold—a level not reached since falling below it in May 2022.
Many hope that Bitcoin ETF applications from major players like BlackRock, Fidelity, VanEck, and ARK21Shares, among others, will boost the price even further if approved.
The latest figures from Bloomberg analysts give a 90% chance of a blanket Bitcoin ETF approval by January 10, 2024.
A recent CryptoQuant study suggests that around $155 billion could flow into the crypto market if these Bitcoin ETFs are approved. CryptoQuant gave its reason for this estimate:
“The total Assets Under Management (AUM) of these companies are around $15.6 trillion. If they were to put 1% of their AUM into these Bitcoin ETFs, the total US dollar amount that would enter the Bitcoin market would be around $155 billion.”
This is a developing story, more details will be added shortly.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.