- Hedge fund founder Tom Lee opined that BTC would surpass its new high shortly after ETF approval.
- Another major market player forecast an increase in liquidity.
The anticipation of potential Bitcoin [BTC] The approval of spot-exchange-traded funds (ETFs) has been a major topic of discussion in the cryptocurrency community lately. For many investors, regulatory acceptance would have a positive impact on the BTC price.
To read Bitcoins [BTC] price prediction 2023-2024
However, some skeptics do not believe that the approval of a centralized entity would positively affect price developments. One notable person who has spoken out on the matter is Tom Lee.
$150,000 or nothing
Lee, who is repeatedly bullish on BTC, said he wasn’t surprised August was a weak month for the coin. In his interview At CNBC, he based his opinion on BTC’s historical performance. He pointed out that historically, a strong July for BTC equals a nondescript August.
Commenting on the ETF application, the founder of Fundstrat Global Advisors, a market research firm said:
“If the bitcoin spot ETF is approved, I think demand would exceed daily supply. And the clear price could be as high as $150,000 or $180,000.”
However, Lee also clarified that for the price to reach that peak, the spot ETF would need to be approved in the US. Although on Aug. 14, CNBC reported that the US SEC has delayed the approvals of ARKInvest and 21Shares.
The regulator also pushed for it deadline by early 2024. However, AMBCrypto had a brief conversation with Ruslan Lienkha on the matter.
More ETFs, more liquidity
Lienkha, Chief Markets Officer at YouHolder, suggests that the ETF approval could spark a global adoption of crypto assets. He also mentioned that more companies would be aiming for market share.
Additionally, Lienkha admitted that Jacobi’s ETF approval in Europe did not have a material impact on BTC. However, this is not sufficient reason to believe that approval in the US would not lead to an uptrend.
To explain this, Lienkha used regional BTC year-on-year (YoY) supply to justify his opinion. From the chart below, decisions from the US and Asia had a bigger impact on BTC as Europe was still a neutral floor.
Source: Glassnode
How many are 1.10.100 BTC worth today?
Finally, Lienkha said that allowing spot Bitcoin ETFs in the US would bring more liquidity to the market and encourage diversification. He said,
“Basically, more ETFs will bring more liquidity to the crypto market and boost market growth. In addition, cryptocurrencies will be better integrated into the financial system.”
Meanwhile, given recent developments, the US Securities and Exchange Commission could approve bitcoin spot ETFs later this year. Recently Coinbase disclosed that the CTFC has approved their application for a bitcoin and ether [ETH] Futures ETF. Therefore, all hope must not be lost for the former.
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