Bitcoin ETF Approvals Could Add $1 Trillion to Market Cap, CryptoQuant Says

CryptoQuant predicts that approval of spot bitcoin ETFs could push bitcoin's market capitalization up by about $155 billion, lifting bitcoin to a $900 billion asset and growing the total crypto market by $1 trillion. The firm's model assumes issuers that have applied to list bitcoin ETFs put 1% of their assets under management into these funds, which it says would hypothetically push bitcoin's price to between $50,000 and $73,000. CryptoQuant also states that during previous bull markets, bitcoin's market capitalization grew 3 to 5 times more than its realized capitalization. Approvals were potentially expected by March 2024 at the latest, according to the article.