Following the landmark approvals, Bloomberg has predicted an astronomical $4 billion for Spot Bitcoin ETF’s first day of trading. Moreover, they forecasted that $2 billion of those inflows alone could be set to come from BlackRock’s Bitcoin ETF.
The US Securities and Exchange Commission (SEC) officially approved 11 Spot Bitcoin ETFs on the same day. Moreover, the preparation of the issuers has meant that trading is set to begin Thursday morning. Subsequently, the market is set to receive massive inflows from the investment product.
Also Read: SEC Approves All Spot Bitcoin ETFs
Bloomberg Expects $4 Billion From Spot Bitcoin ETFs First Trading Day; $2 Billion From BlackRock Alone
For the past few months, the digital asset sector has been anxiously awaiting the SEC’s decision on a plethora of Spot Bitcoin ETF applications. The investment product had never been greenlit by the government agency. Moreover, following crucial lawsuit outcomes, many had predicted that approval was impending.
Well, that finally came to fruition on January 10th, the deadline for a decision. Subsequently, trading is set to begin not even 24 hours later, and there are already massive expectations. Specifically, Bloomberg has predicted $4 billion in inflows from the Spot Bitcoin ETF’s first trading day.
Also Read: Gary Gensler Issues Statement on Spot Bitcoin ETF Approvals
Moreover, they stated that BlackRock’s iteration of the investment vehicle could bring in $2 billion alone. Such a feat would lead the asset management firm to break the first-day flow record, Bloomberg notes. Additionally, they expect $50 billion worth of assets for the investment product within the first two years of its existence.
The 11 approved Spot Bitcoin ETFs are issued by some of the largest asset management firms in the country. Names like Fidelity, Franklin Templeton, and the aforementioned BlackRock are set to lead the charge. Expectations are undoubtedly high, but the impact of these Bitcoin funds cannot be understated.