The prospect of a spot Bitcoin ETF has long been a dream for investors and traders. Amidst this anticipation, recent reports from the reputable data analytics platform have irked the crypto community, predicting a $1 trillion market cap for crypto majors like Bitcoin, XRP, Ether, Solana, Cardano, and Shiba Inu, If spot ETF gets green light.
A report prepared by experts at CryptoQuant sheds light on the historical context that has shaped Bitcoin’s market trajectory. 2021 saw the first wave of institutional adoption during Bitcoin’s historic bullish run, with institutions adding BTC to their balance sheets. According to CryptoQuant researchers, the next significant wave of adoption is already underway, marked by Major Assets Under Management [AUM] Institutions that make Bitcoin accessible to their clients through spot ETFs.
The only hurdle on this promising path appears to be approval from the US Securities and Exchange Commission. [SEC], an obstacle that has kept the crypto community on the sidelines. However, recent favorable court rulings in the GBTC and XRP lawsuits against the regulator have injected new optimism into the market.
The experts at CryptoQuant have offered a fascinating analysis that could boost the already bullish sentiment in the crypto sector. Historically, during bull markets, Bitcoin’s market cap has grown at a rate 3-5 times its actual cap. According to the report, for every $1 injected into the Bitcoin network, its market cap could potentially increase by $3 to $5. If this pattern holds true and the ETF receives SEC approval, the price of Bitcoin could skyrocket, reaching astronomical figures between $50,000 and $73,000.
Recall how the false rumor of spot Bitcoin ETF approval unsettled the crypto community as BTC surged. Although this incident serves as a cautionary tale, if the predicted scenario plays out and spot ETFs are approved, the entire crypto landscape could enter a long period of bullishness, where bears are opposed to the rising tide. It may seem challenging to do.
   
source: zycrypto.com
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