{"id":62557,"date":"2023-10-25T02:35:12","date_gmt":"2023-10-25T06:35:12","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62557"},"modified":"2023-10-25T02:35:14","modified_gmt":"2023-10-25T06:35:14","slug":"galaxy-predicts-74-bitcoin-price-growth-after-etf-debut","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/galaxy-predicts-74-bitcoin-price-growth-after-etf-debut\/","title":{"rendered":"Galaxy Predicts 74% Bitcoin Price Growth After ETF Debut"},"content":{"rendered":"\n

At this point, a 74% increase brings Bitcoin to well over $59,000, which does not include “second-order effects,” according to Galaxy Digital.<\/p>\n\n\n\n

\"Galaxy<\/figure>\n\n\n\n

According to Galaxy Digital, the price of Bitcoin will increase by 74.1% in the first year following the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States.<\/p>\n\n\n\n

Charles Yu, a research associate at Galaxy Digital, estimated in a blog post\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> published on Oct. 24 that the total addressable market size for Bitcoin ETFs in the first year after commencement would be $14.4 trillion.<\/p>\n\n\n\n

The 74% figure was determined by evaluating the prospective price impact of fund inflows into Bitcoin ETF products using gold ETFs as a baseline.<\/p>\n\n\n\n

According to Yu's estimates, Bitcoin's price would increase by 6.2% in the first month following the introduction of an ETF before gradually decreasing to a 3.7% monthly increase by the twelfth month.<\/p>\n\n\n\n

\"Galaxy
Spot Bitcoin ETF estimated one-year inflows by month and Bitcoin price impact. Source: Galaxy Digital Research<\/em><\/figcaption><\/figure>\n\n\n\n

Yu utilized Bitcoin price data from Sept. 30; however, a 74.1% increase in Bitcoin's current price would result in a price of $59,200.<\/p>\n\n\n\n

If BlackRock's spot Bitcoin ETF<\/a> application is approved, Markus Thielen, director of research at digital asset financial services firm Matrixport, estimated in an Oct. 19 post<\/use><\/svg><\/span><\/a> that Bitcoin could rise to between $42,000 and $56,000.<\/p>\n\n\n\n

Yu forecasts that the addressable market size for U.S. Bitcoin ETFs will reach $26.5 trillion in the second year after commencement and $39.9 trillion in the third year.<\/p>\n\n\n\n

\"Galaxy
Spot Bitcoin ETF market sizing and inflow estimates over the first three years. Source: Galaxy Digital Research<\/em><\/figcaption><\/figure>\n\n\n\n

Yu acknowledged that delaying or denying Bitcoin spot ETFs would affect the price forecast.<\/p>\n\n\n\n

Nevertheless, he stated that the estimates were still conservative and did not account for “second-order effects” from the approval of spot Bitcoin ETF<\/a>.<\/p>\n\n\n\n

“In the near-term, we expect other global\/international markets to follow the U.S. in approving + offering similar Bitcoin ETF offerings to a wider population of investors,” Yu wrote.<\/p>\n\n\n\n

He added, “2024 could be a big year for Bitcoin,” citing ETF inflows, the April 2024 Bitcoin halving, and “the possibility that rates have peaked or will peak in the near term.”<\/p>\n","protected":false},"excerpt":{"rendered":"

At this point, a 74% increase brings Bitcoin to well over $59,000, which does not include “second-order effects,” according to Galaxy Digital. According to Galaxy Digital, the price of Bitcoin will increase by 74.1% in the first year following the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. Charles Yu, a research associate […]<\/p>\n","protected":false},"author":56,"featured_media":62581,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83,76],"tags":[5371,5668,12094,10784,940,260,1964],"class_list":["post-62557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","category-bitcoin-price","tag-bitcoin-2","tag-business-2","tag-adoption-2","tag-cryptocurrency-investment","tag-etf","tag-gold","tag-investments"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/GalaxyDigitalMining.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62557"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62557\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62581"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}