New capital will soon be arriving in crypto markets after BlackRock filed an ETF, according to macro guru Raoul Pal

Real Vision founder and macro guru Raoul Pal says BlackRock’s filing of a Bitcoin (BTC) Exchange Traded Fund (ETF) is a potential catalyst that could see new capital flowing into crypto markets.

Earlier this month, the world’s largest wealth manager applied to register the iShares Bitcoin Trust Designed to give investors access to BTC without buying it outright.

In a new interview on Crypto Banter, Pal says that the filing could spur new investment in digital assets to support otherwise stagnant levels of capital flows.

“I think liquidity is going up from here on out and people just want a little bit more macro certainty…

I think the capital will come soon. I think the BlackRock ETF is another way to bring fresh capital into this space. Right now the market is dead and we’re just moving a lot of money around until we hire new people.”

The former Goldman Sachs executive says Gary Gensler and the Securities and Exchange Commission essentially gave a “secret nod” to a select group of institutions with the filing to give them their first glimpses of the nascent crypto market.

Pal says Gensler is “throwing a bone” to BlackRock CEO Larry Fink and other Wall Street firms to show the SEC isn’t totally opposed to the innovations crypto is bringing.

“[Gensler’s] politically trying to hide his ass. I think there was a secret nod that said, “Larry, if you want to do this, we’ll support it,” and I suspect a few others gave nods as well. And then it is very difficult not to allow the other bitcoin ETFs. So net-net is a positive thing.”

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