The Australian Securities Exchange (ASX), which accounts for 90% of Australia’s equity market, is expected to approve the first spot-Bitcoin {BTC} exchange traded funds (ETFs) before the end of 2024, Bloomberg has reported, citing people familiar with the matter.
Hong Kong Could Approve Spot Bitcoin, Ether ETFs as Early as Monday: Bloomberg
Hong Kong could approve approve spot bitcoin (BTC) and ether (ETH) exchange-traded funds as early as Monday, Bloomberg said, citing two people familiar with the matter.
Bitcoin ETF Trading Spikes to Busiest Session Since January Debut
Bloomberg exchange-traded funds analyst Eric Balchunas noted a particular uptick in volume for HODL and BTCW.
Bitcoin Spot ETF: Analyst Predicts 2 Scenarios For Price Beforehand
Amid the anticipation circling the Bitcoin Spot Exchange-Traded Fund (ETF) approval, crypto analyst CryptoQuant has made a bold prediction for the digital asset beforehand.
2 Major Scenarios For Bitcoin Price
CryptoQuant, a well-known cryptocurrency expert, has revealed two major scenarios for Bitcoin in advance to BTC Spot Exchange-Traded Fund (ETF). According to the analyst, BTC will undergo a bullish and bearish scenario before approval from the United States Securities and Exchange Commission (SEC).
The analyst’s prediction delves into Bitcoin price support and resistance analysis. CryptoQuant’s forecast was based on on-chain data of the average unit price of BTC holders.
The post read:
2 Scenarios Before Bitcoin Spot ETF Approval and How to Respond. This post explains how to analyze the Bitcoin price support and resistance using on-chain data of the average unit price of #Bitcoin holders.
For the bullish scenario, CryptoQuant noted that the percentage of daily to weekly holders is expected to increase by 8% if BTC reaches $48,500. This suggests “an overheated market and reinforces a correction.”
The analyst asserted that the $48,500 price mark is the “average unit price” for holders between 2-3 years. In addition, a primary resistance can also be formed at this level.
Meanwhile, for the bearish scenario, CryptoQuant noted a drop in Bitcoin price around 2-30% in the past during its upswing. The crypto expert also added that BTC could form a support level between $30,000 to $34,000 if the price plummets.
Furthermore, CryptoQuant highlighted an average unit price of $34,000 for both the 18-month to two-year and one-week to one-month holding periods. Meanwhile, the average unit price for the holding period of three to twelve months is $30,000.
So far, the expert has highlighted rising dangers and uncertainty as the approval outcome of the Bitcoin Spot ETF approaches. CryptoQuant has issued a warning to the crypto community not to take on the risk as this is “unnecessary.”
BTC Price Dip After Approval Outcome
Institutional trading analyst MacroScope has forecasted a price dip for Bitcoin following the ETF approval outcome. “We know there will be a dip at some point after approval,” MacroScope stated.
The analyst further added that the dip could take place a day or week after the outcome. However, he asserted that the exact timeframe is “hard to predict, but it should surprise no one.”
MacroScope also highlighted a few factors to watch out for during the dip. The expert noted that “once the dip stabilizes, the next upward move could be a ripper.”
In addition, billions of funds will be waiting for the turn, trying to time it just right. However, MacroScope has suggested allocating a starting position in order not to miss this turn.
As of the time of writing, Bitcoin was trading at $46,860, indicating an increase of over 6% in the past day. Its trading volume is significantly up by over 70% in the past 24 hours, according to CoinMarketCap
Analyst Predicts $570 Billion Inflow Amid Bitcoin Spot ETF Approval
Scott Melker, a cryptocurrency analyst and advocate has pointed out a massive inflow into Bitcoin following the approval of BTC Spot Exchange-Traded Fund (ETF).
Bitcoin Might Be Poised For $570 Million Inflow
The crypto analyst shared his projections with the entire cryptocurrency community on the social media platform X (formerly Twitter). Melker proposed that $570 billion could be invested in a Bitcoin ETF, representing just 0.5% of the overall assets managed by Registered Investment Advisors (RIAs).
In the X post, Melker pointed out that the overall assets managed by RIAs are currently valued at $114 trillion. He also highlighted that the total market capitalization of Bitcoin is currently pegged at $860 billion.
The post read:
RIAs manage $114 TRILLION in assets. If a measly half of a percent of that money eventually comes into a #Bitcoin ETF, that would be roughly 570 billion dollars. The entire market cap of $BTC now is $860 BILLION.
Several crypto analyst seems to disagree with Melker’s projections and have shared their opinions on his claims. One of the analysts who has voiced his opinions toward the prediction is top Bloomberg Intelligence analyst Eric Balchunas.
Eric Balchunas asserted that the RIAs assets valued at $114 trillion “seems really high.” He further added that the total advisor assets are worth around $30 trillion, due to data from market tracker Cerulli.
However, Melker backed up his claims by sharing a data screenshot from Thinkadvisor. Thinkadvisor highlighted that “15,114 fiduciary investment advisors currently manage $114 trillion in assets for 61.9 million clients.”
Another crypto enthusiast who has expressed displeasure with Melker’s inflow prediction is investment advisor Rick Ferri. The advisor challenged Melker noting that his “expectations are overblown.”
Ferri asserted that despite his 35 years of advisory experience, he still doesn’t understand why Melker would make such claims. Additionally, Ferri stressed that if any adviser decides to own BTC, they would have done so through Grayscale Bitcoin (BTC).
BTC Spot ETF To Serve As A Game-Changer For Crypto Market
Melker’s post came in response to Bruce Fenton’s post on how the Bitcoin Spot ETF could be a game-changer for crypto. Fenton predicted a dramatic change in the future while highlighting that several brokers, financial advisors, and RIAs are not knowledgeable about BTC.
According to the crypto investor, financial advisors must “keep up with what the public and customers are talking about.” Additionally, he noted that Bitcoin ought to be included in many portfolios, given its past 10 years of performance and correlation.
He also added that “financial advisors will follow the money and the trends.” Fenton asserted that advisors are not stupid about money and they will be motivated to learn.
Fenton went further to say that large investment firms would spend billions promoting to their clients Bitcoin-based investments. This would lead to chief economists talking about it, public awareness of its importance, and the creation of the best ads.
Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak
Nearly $1.8 billion flowed into crypto investment products over the last 10 weeks, which hasn’t been seen since Bitcoin futures were launched in October 2021.
U.S. SEC Said to Open Talks with Grayscale on Spot Bitcoin ETF Push
The U.S. Securities and Exchange Commission (SEC) has opened talks with Grayscale Investments on the details of the company’s application to convert its trust product GBTC to a bitcoin spot exchange traded product (ETF), according to a person familiar with the back-and-forth, which could have momentous implications for the crypto industry.
Galaxy predicts 74% Bitcoin price increase first year after ETF launch
Currently, a 74% increase takes Bitcoin to over $59,000 and that doesn’t factor in “second-order effects,” says Galaxy Digital.
Grayscale urges SEC to approve all Bitcoin ETFs simultaneously
Grayscale’s ETF was previously knocked back by the SEC and it wants it and competing ETFs approved together so none have an advantage.
SEC has pushed investors into ‘toxic’ crypto products and FTX: Winklevoss
Gemini co-founder Cameron Winklevoss said the SEC’s refusal to approve a spot Bitcoin ETF has been a “complete and utter disaster for U.S. investors.”
Firms managing $27T in assets are embracing crypto: CoinShares CSO
The top eight financial institutions with an interest in Bitcoin and crypto have a whopping $27 trillion in combined assets under management.
Bitcoin ETF fever returns: ‘Biggest’ inflow to ProShares’ BITO in a year
ProShares’ BITO Bitcoin ETF saw a weekly inflow of $65 million as institutional investors have seemingly regained their mojo for Bitcoin futures.
Institutions ‘extremely interested’ in crypto ETFs, but buying has cooled: Survey
Almost half of surveyed fund managers plan to “add” crypto ETFs to their portfolio in 2023, while only a quarter will be increasing digital asset exposures.
SEC’s Shadow Crypto Rule Taking Shape as Enforcement Cases Mount
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler thinks the cryptocurrency industry is playing a game with his agency. He has said that companies are well aware of what they have to do to operate legally within the U.S., but they’ve decided not to do it – some of them in open scorn of the regulator.
Two crypto-related ETFs were the worst-performing in Australia for 2022
ETFs tracking crypto companies have seen significant drawdowns over the year as a result of major macroeconomic headwinds.
Institutions ‘moving very, very fast’ into Crypto: Coinbase exec
D’Agostino also said the recent battles between the SEC and CFTC is a good thing for crypto because it indicates that it will be a “vitally important piece of market structure” moving forward.
What is a cryptocurrency ETF and how does it work?
A cryptocurrency exchange-traded fund (ETF) tracks the price of one or multiple digital tokens and consists of numerous cryptocurrencies.
Grayscale hires former Solicitor General to help force Bitcoin ETF approval
Ahead of the July 6 SEC decision, the investment giant has hired Don Verrilli, a former U.S. Solicitor General as a senior legal strategist, working alongside its attorneys at Davis Polk & Wardwell LLP and its in-house counsel.
Two more spot crypto ETFs launch on Australian markets
Both of the new Australian exchange-traded funds by 3iQ Digital Asset Management will feed from its existing Bitcoin and Ethereum ETFs listed on the Toronto Stock Exchange.
Three new crypto ETFs to begin trading in Australia this week
Australians will soon have five options for cryptocurrency exchange-traded funds as the delayed funds from Cosmos and 21Shares launch this week along with 3iQ’s in the future.
