Seyffart’s cautions came as a direct comment to the reaction of top mathematician Fred Krueger to the potential impact of a potential $100 billion inflow into Bitcoin. Krueger recalled how a $10 billion inflow in 2021 helped Bitcoin achieve its all-time high (ATH) above $69,000. He noted that with most of the top holders of BTC, like MicroStrategy, refusing to sell the coin, getting two million BTC to buy may be difficult.
To Seyffart, the into the market are “extreme” especially when compared with gold, which has been around for quite some time. According to Seyffart, from 2004 to date, gold ETFs in the United States have only commanded approximately $95 billion in capital despite its wide ranging appeal to conservative investors.
The analysts posited that if Bitcoin commands the said $100 billion volume, it will undoubtedly be an outlier success case even if measured over a long time frame.
The SEC has a huge decision day ahead for the that is due in early January. The projection is that the SEC may approve all of the spot Bitcoin ETFs at once to remove the first mover advantage for any single issuer.
With the next approval window closed, the market is keen on seeing how the SEC navigates these expectations.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
