Glassnode co-founder Yann Allemann recently spotlighted a staggering demand of over $15 trillion from firms vying for Bitcoin Spot ETF nods
The potential introduction of spot Bitcoin exchange-traded funds (ETFs) is transforming the global financial framework. In a recent social media post, Glassnode co-founder Yann Allemann has highlighted massive demand of over $15 trillion from companies pursuing Bitcoin Spot ETF approvals.
This burgeoning demand suggests that institutional investors are gearing up for a significant shift. This surge in interest could bring about a new era in the crypto sphere, with implications far-reaching for both institutional investors and the broader market.
Uptober is here
Recent observations from Yann Allemann hint at a favorable tide for Bitcoin. Notably, the cryptocurrency has settled around the $34,000 mark after a period of consistent gains.
Yet, despite this stabilization, the road ahead remains unpredictable. The potential approval of future ETFs could catalyze further market gains, albeit potentially transient ones due to inherent market dynamics.
Moreover, the US Dollar Index displayed some strength despite the fact that data revealed the US economy grew at its fastest pace in nearly two years, defying widespread recession predictions.
An emerging trend suggests the DXY could be on the brink of a new downtrend, which is significant given the often inverse relationship between risk-on assets and digital assets.
The Bitcoin ETF race heats up
Spot Bitcoin ETFs have attracted tons of attention for offering an accessible gateway into the world of cryptocurrencies. They eliminate the necessity to engage with the cryptocurrencies directly.
The anticipation surrounding Spot Bitcoin ETF approvals is palpable. Global banking titan JPMorgan foresees the SEC green-lighting a Spot Bitcoin ETF in the imminent months, potentially ahead of the Ark 21Shares applications deadline on January 10th.
Paul Grewal, Coinbase’s chief legal officer, is also optimistic, particularly after the SEC’s recent legal setback in its efforts to hinder Grayscale from metamorphosing its GBTC bitcoin fund into an ETF.