The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market, claim analysts from crypto research firm K33 — formerly Arcane Research. 

In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets.

The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale’s legal victory over the Securities and Exchange Commission — an approval would “attract enormous inflows” and significantly increase buying pressure for Bitcoin.

However, the downside of a potential spot ETF rejection would be “negligible” and Bitcoin prices would simply maintain business as usual, they wrote.

Lunde and Helseth added that given the increased likelihood of spot ETF approvals — with several Bloomberg analysts now predicting a 75% chance of approval within the year — the market’s outlook on ETFs is fundamentally incorrect.

“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.”

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Author: Tom Mitchelhill

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