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- Crypto analysts have pointed out the massive opportunity presented by the approval of a spot Bitcoin ETF, deeming it reckless not to aggressively accumulate.
- Experts believe that the SEC will approve all filed spot Bitcoin ETFs simultaneously as Grayscale asks the SEC to meet and discuss the way forward on the same.
Despite the stubbornness of the U.S. Securities and Exchange Commission (SEC), a spot Bitcoin ETF is considered inevitable. This will invite institutional investors and unlock billions of dollars for the crypto market. This could easily usher in the next true bull market that propels cryptocurrencies to new all-time highs.
In a new report, analysts from crypto research firm K33 — formerly Arcane Research have warned of the massive potential a spot Bitcoin ETF holds. In their opinion, “It’s reckless not to aggressively accumulate BTC at current levels.”
I firmly believe the market is wrong. This is, by all accounts, a buyer’s market, and it’s reckless not to aggressively accumulate BTC at current levels.
According to K33 senior analyst Vetle Lunde and vice president Anders Helseth, the chances of a spot Bitcoin ETF approval have greatly improved in the last three months. Grayscale Investments recently sealed a landmark victory over the SEC, a decision that could be a huge turnaround for the entire crypto industry. A three-judge panel agreed that the denial of Grayscale’s proposal was “arbitrary and capricious.” The firm’s seeks to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin offering. Following the ruling, it is clear that the SEC has no legal reason not to approve a spot Bitcoin ETF.
This view was shared by Bloomberg analysts as CNF reported. The analysts predict a 75 percent chance that the SEC will approve a spot Bitcoin ETF before the end of the year. Furthermore, Bloomberg’s Senior ETF Analyst, Eric Balchunas, projects that BlackRock’s Bitcoin ETF could potentially unleash a monumental $30 trillion from financial advisors into the crypto market.
Read More: Bloomberg ETF Expert: BlackRock’s Bitcoin Spot ETF Approval Set to Unlock $30 Trillion Wealth Surge for Crypto Market – Can it Drive BTC Price to a New All-Time High of $150,000? Report
In their analysis, the K33 analysts noted that its approval would “attract enormous inflows” which would apply great buying pressure and drive prices higher.
Ripple (XRP) Reaction to Spot Bitcoin ETF Approval
After the approval of a spot Bitcoin ETF, the immediate reaction and impact will be on Bitcoin which will enter a true bull market. Historically, the market leader dictates the movement of the rest of the market. As investment flows into Bitcoin, it will trickle down into altcoins led by the largest coins including Ethereum (ETH) and Ripple (XRP).
Its approval could further open the floodgates for other ETFs. Already, some firms have been filing Ethereum ETFs. Lunde and Helserth have expressed optimism for ETH which they believe could outperform Bitcoin in the next two months owing to a futures-based Ether ETF that is likely to be approved in mid-October.
Bernstein analysts have recently noted, “The crypto ETF opportunity won’t stop at just bitcoin (BTC), but will extend into multiple crypto assets.” An XRP ETF could play a role in the ODL which as one commentator noted would make it more appealing for investors than other ETFs.
Could an $XRP ETF be used as an ODL pool?
If so, value would increase both with asset price appreciation AND with ODL utilization.
This could make an $XRP ETF more attractive than most other investment vehicles.
— Mark Phillips {XRP} (@Mark_Phillips) September 3, 2023
This could easily launch XRP on a massive bull run and could see the asset reach a new all-time high of $5, $10, and beyond.
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