Following the approval of the first Bitcoin (BTC) futures exchange-traded fund (ETF) in the US, FSInsight, a markets strategy, and research firm, expects demand for ProShares’ BTC Strategy ETF with inflows forecasted to reach more than $50 billion in the first year.”
According to the estimates made by FSinsights, BTC’s daily demand will increase by $50 million due to ETF inflows. “If the block reward is $10 million per day the ‘equilibrium price to clear this, based on analysis by our data science team = $168,000′”, the report says.
This milestone in the cryptocurrency allows more investment and generally a big expansion of the market. When this new exchange-traded fund (ETF) started trading on the New York Stock Exchange, it hit around $64,000. As of press time, BTC is trading close to $61,000, with a number of analysts who are still bullish about its increasing price.
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