{"id":195211,"date":"2023-10-25T03:39:06","date_gmt":"2023-10-25T03:39:06","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195211"},"modified":"2023-10-25T03:39:06","modified_gmt":"2023-10-25T03:39:06","slug":"galaxy-predicts-74-bitcoin-price-increase-first-year-after-etf-launch","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/galaxy-predicts-74-bitcoin-price-increase-first-year-after-etf-launch\/","title":{"rendered":"Galaxy predicts 74% Bitcoin price increase first year after ETF launch"},"content":{"rendered":"<p>Bitcoin\u2019s (BTC) price will increase 74.1% in the first year after spot Bitcoin exchange-traded funds (ETFs) are launched in the United States, according to estimates from crypto investment firm Galaxy Digital.<\/p>\n<p>In an Oct. 24 blog post, Galaxy\u00a0Digital research associate Charles Yu estimated the total addressable market size for Bitcoin ETFs would be $14.4 trillion in the first year after launch. He obtained the 74% figure by assessing the potential price impact of fund inflows to Bitcoin ETF products using gold ETFs as a baseline.<\/p>\n<p>According to Yu\u2019s estimates, Bitcoin\u2019s price would increase 6.2% in the first month after an ETF launch before steadily trending downward to a 3.7% monthly increase by month 12.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/8e3d9d79-1fa9-4eae-8877-e43435c9ce36.png\"><\/p>\n<p>Yu used Bitcoin price data from Sept. 30, but a 74.1% increase in Bitcoin\u2019s current price would see it hit $59,200.<\/p>\n<p>Markus Thielen, head of research at digital asset financial services firm Matrixport reached a similar figure in an Oct. 19 post, estimating Bitcoin could rise to between $42,000 and $56,000 if BlackRock\u2019s spot Bitcoin ETF application is approved.<\/p>\n<p>Yu predicts the U.S. Bitcoin ETFs\u2019 addressable market size to reach $26.5 trillion in the second year after launch and $39.6 trillion after the third year.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/d172c08e-6630-4e30-98cc-ee0688cdc4af.png\"><\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BlackRock\u2019s Bitcoin ETF: How it works, its benefits and opportunities <\/em><\/strong><\/p>\n<p>Yu acknowledged a delay or denial of spot Bitcoin ETFs would impact its price prediction.<\/p>\n<p>However, he said the estimates were still conservative and didn\u2019t factor in \u201csecond-order effects\u201d from a spot Bitcoin ETF approval.<\/p>\n<p>\u201cIn the near-term, we expect other global\/international markets to follow the U.S. in approving + offering similar Bitcoin ETF offerings to a wider population of investors,\u201d Yu wrote.<\/p>\n<p>He added \u201c2024 could be a big year for Bitcoin\u201d citing ETF inflows, the April 2024 Bitcoin halving and \u201cthe possibility that rates have peaked or will peak in the near term.\u201d<\/p>\n<p><strong><em>Magazine:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Big Questions: Did the NSA create Bitcoin?<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/galaxy-digital-soaring-bitcoin-price-increase-after-etf-launch\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s (BTC) price will increase 74.1% in the first year after spot Bitcoin exchange-traded funds&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - 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