- Demand for Bitcoin may increase once the SEC approves a spot ETF.
- It might take a while before corporate bodies begin to fuel the BTC hike.
For a large part of the year, there have been discussions surrounding a possible Bitcoin [BTC] spot ETF approval. But contrary to what many market players may have desired, the U.S. SEC has repeatedly excused itself from giving the go-ahead.
With respect to the development, James Butterfill, Head of Research at CoinShares released a report. In the report, Butterfill revealed that the Bitcoin price, after the potential approval, may hit $141,000.
If you are an avid follower of AMBCrypto’s updates, you’d admit that Butterfill has been vital in providing updates about investment fund flow linked to Bitcoin and other cryptocurrencies.
The time, it’s different
The interesting part is that, in the last few weeks, the analyst had repeatedly mentioned how Bitcoin inflows have been increasing. Interestingly, the CoinShares’ research head focused on the fund flow relationship with Bitcoin.
This model was also instrumental in the $141,000 conclusion. To arrive at the price, Butterfill analyzed the Assets under Management (AuM) from 2018 to 2023.
He observed that:
“This year is unusual in the fact that ETP volumes have proportionally risen, this is due to the dramatic fall in volumes from Binance rather than a rise in ETP volumes. Historically at least, as overall market volumes rise, so have ETP volumes, where there is a form of “sentiment matching.”
Source: CoinShares
From the chart shared above, the repo
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Author: Victor Olanrewaju
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