{"id":76511,"date":"2023-10-25T04:28:49","date_gmt":"2023-10-25T08:28:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/galaxy-digital-projects-bitcoin-price-to-reach-near-60000-year-after-spot-etf-approval\/"},"modified":"2023-10-25T04:28:53","modified_gmt":"2023-10-25T08:28:53","slug":"galaxy-digital-projects-bitcoin-price-to-reach-near-60000-year-after-spot-etf-approval","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76511","title":{"rendered":"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval"},"content":{"rendered":"
\n

Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC<\/u>) ETF as \u201cthe most impactful catalysts\u201d <\/i>towards the growth and adoption of the top digital asset.\u00a0<\/p>\n

In an Oct 24 market analysis<\/u>, Galaxy\u2019s research associate Charles Yu explained the possible effects of a spot BTC ETF in the United States as well as its significance in light of new market realities.<\/p>\n

The firm projects the growth of Bitcoin by 74% in the first year of an ETF approval which could see the price of the asset soar to $59,000 while marking a 6.1% increase in the first month.\u00a0<\/p>\n

\n

\u201cIf we apply our year-one estimate of $14.4bn in inflows (~$1.2bn per month or ~$10.5bn on an adjusted-basis using our 8.8x multiplier) into the historical relationship between gold ETF fund flows & change in gold price, we estimate a +6.2% price impact for BTC in the first month.\u201d\u00a0<\/i><\/p>\n<\/blockquote>\n

Yu\u2019s predictions are not far-fetched as the run-up to an ETF approval has seen the price of the asset spike in anticipation. The price soared past $31,000 following BlackRock\u2019s application<\/u> to the Securities and Exchange Commission (SEC) as well as similar moves by Fidelity, Valkyrie, and other firms.<\/p>\n

Recently, Bitcoin also spiked above $35,000, a 16-month high still on the back of an imminent approval by the SEC.<\/p>\n

Wider impacts on adoption<\/h2>\n

The reports highlight the benefits of a spot BTC ETF approval on the market as well as for institutional investors which it described as the most accessible and direct market of the ETF.\u00a0<\/p>\n

With the wealth management industry in the US at $48 trillion across banks, registered investment advisors, and brokers, Galaxy predicts huge growth because an ETF would create ease in pouring institutional funds into the market.<\/p>\n

Galaxy believes the RIA channel will grow by 50% in the first year and 100% in the next three years while banks and brokers will increase by 25% in the first year and 75% in the next three years.<\/p>\n

In total, the United States market size for a BTC ETF will soar to $14 trillion in the first year and $39 trillion by the third year.<\/p>\n

According to Wu, investments would extend beyond these asset ranges if international clients, other investment products, and retail services capture the estimate.\u00a0<\/p>\n

Effective adoption and regulation\u00a0<\/h2>\n

A Bitcoin spot ETF will open the market creating accessibility for institutional and retail players across wealth groups. The move takes the ball from wealth managers and expands it to RIA\u2019s, brokerage, and other fiduciaries.<\/p>\n

Furthermore, big corporations in traditional finance making applications for a spot ETF give the market a new wave of credibility driving proper regulation to the market.<\/p>\n

The crypto market has faced regulatory issues in the United States following the fall of the Terra ecosystem and the infamous implosion of FTX<\/u>.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of the top digital asset.\u00a0 In an Oct 24 market analysis, Galaxy\u2019s research associate Charles Yu explained the possible effects of a spot BTC ETF in the United States as well as […]<\/p>\n","protected":false},"author":1,"featured_media":76512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-76511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nGalaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=76511\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=76511\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-25T08:28:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-25T08:28:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/bitcoin-etf-media-library.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=76511#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=76511\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval\",\"datePublished\":\"2023-10-25T08:28:49+00:00\",\"dateModified\":\"2023-10-25T08:28:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=76511\"},\"wordCount\":473,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=76511#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=76511\",\"url\":\"https:\/\/ifintechworld.com\/?p=76511\",\"name\":\"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-10-25T08:28:49+00:00\",\"dateModified\":\"2023-10-25T08:28:53+00:00\",\"description\":\"Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=76511#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=76511\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=76511#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval | iFintechWorld","description":"Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=76511","og_locale":"en_US","og_type":"article","og_title":"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval | iFintechWorld","og_description":"Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of","og_url":"https:\/\/ifintechworld.com\/?p=76511","og_site_name":"iFintechWorld","article_published_time":"2023-10-25T08:28:49+00:00","article_modified_time":"2023-10-25T08:28:53+00:00","og_image":[{"width":900,"height":600,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/bitcoin-etf-media-library.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=76511#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=76511"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval","datePublished":"2023-10-25T08:28:49+00:00","dateModified":"2023-10-25T08:28:53+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=76511"},"wordCount":473,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=76511#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=76511","url":"https:\/\/ifintechworld.com\/?p=76511","name":"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-10-25T08:28:49+00:00","dateModified":"2023-10-25T08:28:53+00:00","description":"Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as \u201cthe most impactful catalysts\u201d towards the growth and adoption of","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=76511#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=76511"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=76511#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/76511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76511"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/76511\/revisions"}],"predecessor-version":[{"id":76513,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/76511\/revisions\/76513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/76512"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}