Where Does BTC Go Next?

All eyes are on Bitcoin, with spot ETF approval slated for next week. Despite a healthy 10% mid-week correction, BTC is finishing the week off strong, up 5.7%! Where does BTC go from here?

The Securities and Exchange Commission (SEC) reportedly requested final documentation from exchanges and ETF issuers on Friday and issued no additional feedback, clearing the way for the agency’s commissioners (i.e., Gary Gensler, Hester Peirce, et al.) to vote to approve or deny applicants’ 19b-4 exchange rule change filings.

 In the likely event that BTC spot ETFs are approved, billions of dollars are waiting to flow into the newly established instruments. Matthew Sigel, head of digital asset research at VanEck, stated that BlackRock already had $2B of capital lined up from existing BTC holders who are looking to ape week one.

While some issuers have already lined up buys for their ETFs, organic demand will be required for them to succeed. To that end, we expect a substantial advertising push from issuers promoting their products throughout 2024.

An event the crypto industry has patiently awaited for over a decade is about to occur, and while the near-term path for Bitcoin remains cloudy, this moment will undoubtedly be historic for crypto adoption and catalyze a new age of accessibility for market participants.