With insights from Galaxy Digital, a crypto investment firm, Bitcoin’s (BTC $34,242) price will increase by 74.1% in the first year after spot Bitcoin exchange-traded funds (ETFs) are launched in the United States.
On October 24, 2023, Charles Yu, research associate, Galaxy Digital, mentioned that the total addressable market size for Bitcoin ETFs would be $14.4 trillion in the first year after launch. He is believed to have obtained the 74% figure by assessing the potential price impact of fund inflows to Bitcoin ETF products using gold ETFs as a baseline, Cointelegraph added.
Sources revealed that Bitcoin’s price might increase 6.2% in the first month after an ETF launch before dropping by 3.7% monthly increase by month 12.
“In the near-term, we expect other global/international markets to follow the U.S. in approving + offering similar Bitcoin ETF offerings to a wider population of investors,” Yu told Cointelegraph.
(With insights from Cointelegraph)
