Rumors about Bitcoin ETFs have become tiresome, but insiders have much to say. We lack insight into the discussions between issuers and the SEC. Companies can’t disclose details and only hint at the progress, suggesting a conclusion is near.
BlackRock’s mid-2023 surprise Spot Bitcoin ETF application excited the markets. Giants like JP Morgan have engaged in AP agreements for these ETFs. Industry titans signal Bitcoin’s rise through actions, not words.
VanEck’s Matthew Sigel, Head of Digital Assets Research, shared in a recent X Space broadcast that BlackRock saw over $2 billion in new inflows from existing Bitcoin investors in the first week, although he couldn’t guarantee this information. The focus is on finding investors for these products.
Sigel compared the initial inflow to past gold ETFs and U.S. money supply adjustments, estimating a $2.5 billion investment in the first quarter. Based on similar analyses, there’s a potential $40 billion market opportunity within two years.
The steps taken by financial behemoths suggest a bullish future for Bitcoin, with significant market movements anticipated as ETFs gain traction.