Crypto market ‘dramatically underestimates
bullishness of spot Bitcoin ETFs
“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund says in a new report.
The potential of a spot Bitcoin BTC $26,216 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 but that sentiment had not been 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.
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.