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Glassnode: Bitcoin ETF To Unlock $70B in New Demand
A new report predicts up to $70 billion could pour into Bitcoin if a spot ETF is approved.
According to a recent report by on-chain data firm Glassnode, there is significant unmet demand from investors for a spot Bitcoin exchange-traded fund (ETF).
Glassnode estimates that up to $70 billion in new capital could flow into the Bitcoin market after the approval of a spot Bitcoin ETF. This projection is based on the assumption that 10% of money currently invested in major stock and bond ETFs would shift to a Bitcoin ETF, along with 5% of capital allocated to gold ETFs.
The report points to diminishing Bitcoin supply available for trading to meet this potential demand surge. Glassnode data shows the percentage of the Bitcoin supply held by short-term investors recently hit multi-year lows. Meanwhile, the share of long-term Bitcoin holders reached all-time highs above 76% in October.
"The scarcity of readily tradable Bitcoin may amplify market volatility and price movements in response to the influx of ETF-driven capital," the Glassnode report concludes.
U.S. regulators have yet to approve a spot Bitcoin ETF. Approval could significantly expand access and demand for Bitcoin from institutional investors.
Glassnode suggests a spot Bitcoin ETF could have impacts comparable to the first U.S. gold ETF launched in 2003. In the decade that followed, gold prices rose over 400% amid greater investment demand.
#CoinMarketCap
A new report predicts up to $70 billion could pour into Bitcoin if a spot ETF is approved.
According to a recent report by on-chain data firm Glassnode, there is significant unmet demand from investors for a spot Bitcoin exchange-traded fund (ETF).
Glassnode estimates that up to $70 billion in new capital could flow into the Bitcoin market after the approval of a spot Bitcoin ETF. This projection is based on the assumption that 10% of money currently invested in major stock and bond ETFs would shift to a Bitcoin ETF, along with 5% of capital allocated to gold ETFs.
The report points to diminishing Bitcoin supply available for trading to meet this potential demand surge. Glassnode data shows the percentage of the Bitcoin supply held by short-term investors recently hit multi-year lows. Meanwhile, the share of long-term Bitcoin holders reached all-time highs above 76% in October.
"The scarcity of readily tradable Bitcoin may amplify market volatility and price movements in response to the influx of ETF-driven capital," the Glassnode report concludes.
U.S. regulators have yet to approve a spot Bitcoin ETF. Approval could significantly expand access and demand for Bitcoin from institutional investors.
Glassnode suggests a spot Bitcoin ETF could have impacts comparable to the first U.S. gold ETF launched in 2003. In the decade that followed, gold prices rose over 400% amid greater investment demand.
#CoinMarketCap
Bitcoin’s Hash Rate Hits All-time High, Shows Strong Network Ahead of Halving
The hash rate of Bitcoin has reached an all-time high level, demonstrating the network's increased resilience in preparation for the highly anticipated halving event next year.
The hash rate of Bitcoin has reached an all-time high level, demonstrating the network's increased resilience in preparation for the highly anticipated halving event next year. According to Blockchain.com, the total hash rate of Bitcoin reached 491 exahashes per second (TH/s) on Wednesday, indicating that mining machines
The hash rate of Bitcoin has reached an all-time high level, demonstrating the network's increased resilience in preparation for the highly anticipated halving event next year. According to Blockchain.com, the total hash rate of Bitcoin reached 491 exahashes per second (TH/s) on Wednesday, indicating that mining machines
Netflix Director Used $4M of Show's Budget on Dogecoin, Netting $27M in Profits
Carl Erik Rinsch, the director of Netflix's sci-fi series "Conquest," allegedly utilized $4 million from the show's budget to invest in Dogecoin (DOGE).
Carl Erik Rinsch, the director of Netflix's sci-fi series "Conquest," allegedly utilized $4 million from the show's budget to invest in Dogecoin ($DOGE ), resulting in an astonishing profit of $27 million. As reported by The New York Times, Rinsch is now seeking an additional $14 million from Netflix through a confidential arbitration proceeding
Carl Erik Rinsch, the director of Netflix's sci-fi series "Conquest," allegedly utilized $4 million from the show's budget to invest in Dogecoin ($DOGE ), resulting in an astonishing profit of $27 million. As reported by The New York Times, Rinsch is now seeking an additional $14 million from Netflix through a confidential arbitration proceeding
Swan Bitcoin To Terminate Accounts Using Mixing Services
Swan Bitcoin announced new restrictions today regarding user accounts interacting with cryptocurrency mixing services.
In an email sent to users, Swan Bitcoin stated that accounts depositing or withdrawing Bitcoin directly from mixing services may be terminated. The company cited pressure from its banking and custodial partners as the reason for this policy change.
Swan Bitcoin's partners are responding to a recent proposal from the Financial Crimes Enforcement Network (FinCEN) that would requir
In an email sent to users, Swan Bitcoin stated that accounts depositing or withdrawing Bitcoin directly from mixing services may be terminated. The company cited pressure from its banking and custodial partners as the reason for this policy change.
Swan Bitcoin's partners are responding to a recent proposal from the Financial Crimes Enforcement Network (FinCEN) that would requir
SlowMist Uncovers New Phishing Attack Using Fake Skype App to Steal Crypto
Blockchain security firm SlowMist has uncovered a phishing attack involving a counterfeit Skype app designed to steal cryptocurrency funds from unsuspecting victims. The victim, who downloaded what he believed to be the Skype app from the internet, had his funds stolen, highlighting the risks users face, particularly in regions like China where direct downloads serve as substitutes for unavailable official app stores.
Due to the absence of Google Play in China, users often resort to downloading
Due to the absence of Google Play in China, users often resort to downloading
GROK Memecoin Inspired by Elon Musk’s AI Chatbot Experiences Explosive Rally
The Grok (GROK) token, unofficially associated with Elon Musk's recently launched AI service, experienced a volatile rally.
The Grok (GROK) token, unofficially associated with Elon Musk's recently launched AI service, experienced a volatile rally, reaching a market capitalization of $160 million in just eight days since launching.
The token surged 13,000% over the past week, peaking at a high of $0.025, according to CoinMarketCap, before crashing almost 50% to trade at 0.012 currently. Despite
The Grok (GROK) token, unofficially associated with Elon Musk's recently launched AI service, experienced a volatile rally, reaching a market capitalization of $160 million in just eight days since launching.
The token surged 13,000% over the past week, peaking at a high of $0.025, according to CoinMarketCap, before crashing almost 50% to trade at 0.012 currently. Despite
XRP Surges Temporarily After Fake BlackRock ETF Filing
XRP experienced a sudden 12.3% surge today following a fake filing in Delaware that claimed the existence of a "BlackRock iShares XRP Trust."
XRP experienced a sudden 12.3% surge today following a fake filing in Delaware that claimed the existence of a "BlackRock iShares XRP Trust." Despite the submission of the corporate registration, BlackRock, the $9 trillion asset manager, clarified that it did not file the document, dispelling confusion among XRP holders.
Last week, BlackRock registered th
XRP experienced a sudden 12.3% surge today following a fake filing in Delaware that claimed the existence of a "BlackRock iShares XRP Trust." Despite the submission of the corporate registration, BlackRock, the $9 trillion asset manager, clarified that it did not file the document, dispelling confusion among XRP holders.
Last week, BlackRock registered th
FTX Bankruptcy Estate Files Lawsuit Seeking Recovery of Nearly $1 Billion from ByBit
The FTX bankruptcy estate, led by CEO John J. Ray III, has initiated legal proceedings against ByBit, its investment arm Mirana, and several executives.
The FTX bankruptcy estate, led by CEO John J. Ray III, has initiated legal proceedings against ByBit, its investment arm Mirana, and several executives. The bankrupt exchange FTX is seeking "compensatory and punitive damages" from ByBit to recover funds and digital assets that ByBit allegedly withdrew just before FTX's collapse. The lawsuit cla
The FTX bankruptcy estate, led by CEO John J. Ray III, has initiated legal proceedings against ByBit, its investment arm Mirana, and several executives. The bankrupt exchange FTX is seeking "compensatory and punitive damages" from ByBit to recover funds and digital assets that ByBit allegedly withdrew just before FTX's collapse. The lawsuit cla
Germany's DZ Bank Launches Blockchain-Based Digital Assets Custody Platform 👍
DZ Bank, Germany's third-largest bank, has launched its own blockchain-powered digital asset custody platform.
The platform, aimed at institutional clients, would give them access to crypto products such as Siemens' crypto bond. DZ Bank, which purchased a crypto bond from Siemens six months ago, has indicated interest in distributed ledger technology (DLT) and its potential influence on the capital market.
According to Holger Meffert, DZ Bank's head of securities services and digital custody, a major amount of capital market business will be processed by DLT-based infrastructures during the next decade. The bank plans to position DLT as an additional technology to existing capital market operations.
In the future, DZ Bank intends to provide institutional investors and private clients the possibility to purchase cryptocurrencies such as Bitcoin (BTC). To do this, the bank applied to the German Federal Financial Supervisory Authority (BaFin) in June 2023 for a crypto custody license.
Despite the country's rigorous regulatory environment, DZ Bank's action underscores a growing trend of German institutions embracing cryptocurrency.
Other financial institutions, such as Deutsche WertpapierServiceBank and DWS, have also taken steps to give investors access to the digital asset industry and to develop blockchain-related solutions. Traditional banks seeking crypto custody licenses from BaFin include Commerzbank and DekaBank.
This comes as the new framework developed to standardize the regulation of crypto-asset markets within the European Union, Markets in Cryptoassets (MiCA), is set to take effect in 2024.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
#CoinMarketCap
DZ Bank, Germany's third-largest bank, has launched its own blockchain-powered digital asset custody platform.
The platform, aimed at institutional clients, would give them access to crypto products such as Siemens' crypto bond. DZ Bank, which purchased a crypto bond from Siemens six months ago, has indicated interest in distributed ledger technology (DLT) and its potential influence on the capital market.
According to Holger Meffert, DZ Bank's head of securities services and digital custody, a major amount of capital market business will be processed by DLT-based infrastructures during the next decade. The bank plans to position DLT as an additional technology to existing capital market operations.
In the future, DZ Bank intends to provide institutional investors and private clients the possibility to purchase cryptocurrencies such as Bitcoin (BTC). To do this, the bank applied to the German Federal Financial Supervisory Authority (BaFin) in June 2023 for a crypto custody license.
Despite the country's rigorous regulatory environment, DZ Bank's action underscores a growing trend of German institutions embracing cryptocurrency.
Other financial institutions, such as Deutsche WertpapierServiceBank and DWS, have also taken steps to give investors access to the digital asset industry and to develop blockchain-related solutions. Traditional banks seeking crypto custody licenses from BaFin include Commerzbank and DekaBank.
This comes as the new framework developed to standardize the regulation of crypto-asset markets within the European Union, Markets in Cryptoassets (MiCA), is set to take effect in 2024.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
#CoinMarketCap