{"id":21977,"date":"2023-09-06T02:02:09","date_gmt":"2023-09-06T02:02:09","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-market-dramatically-underestimates-bullishness-of-spot-bitcoin-etfs\/"},"modified":"2023-09-06T02:02:11","modified_gmt":"2023-09-06T02:02:11","slug":"crypto-market-dramatically-underestimates-bullishness-of-spot-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/crypto-market-dramatically-underestimates-bullishness-of-spot-bitcoin-etfs\/","title":{"rendered":"Crypto market \u2018dramatically underestimates\u2019 bullishness of spot Bitcoin ETFs"},"content":{"rendered":"
The potential of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval to drive prices up is dramatically underestimated by the crypto market, claim analysts from crypto research firm K33 \u2014 formerly Arcane Research.\u00a0<\/p>\n
In a Sept. 5 market report, K33 senior analyst Vetle Lunde and vice president Anders Helseth said the last three months had greatly improved the chances of a spot Bitcoin ETF approval despite the sentiment not being reflected in the price of Bitcoin or other mainstay crypto assets. <\/p>\n
The analysts explained while Bitcoin had all but given up its gains in the wake of Grayscale\u2019s legal victory over the Securities and Exchange Commission \u2014 an approval would \u201cattract enormous inflows\u201d and significantly increase buying pressure for Bitcoin.<\/p>\n