Bitcoin will become a $900 billion asset, and the total crypto market will grow by $1 trillion, should the bitcoin spot exchange-traded funds (ETFs) be approved, data analytics firm CryptoQuant wrote in a recent report.
The first wave of institutional adoption in 2020-2021 came from institutions adding bitcoin to their balance sheets, while the next wave could be financial institutions providing bitcoin access to their clients through spot ETFs, CryptoQuant argued in the report.
The potential inflow from spot ETFs would be significantly larger than the money that entered the Grayscale Bitcoin Trust (GBTC) in the last bull market cycle. GBTC is the largest cryptocurrency fund in the world, currently with $16.7 billion in assets under management. Digital Currency Group is the parent company of Grayscale and CoinDesk.
CryptoQuant says that if the issuers that have applied to list bitcoin…