Glassnode Founders: Bitcoin ETF Approval Could Unleash $15 Trillion in Demand

The co-founders of crypto analytics firm Glassnode believe that Bitcoin could see a massive influx of capital if regulators approve a spot-based BTC exchange-traded fund (ETF).

Jan Happel and Yann Allemann, who go by the Negentropic handle on the social media platform X, say that trillions of dollars in institutional money are waiting for a spot market BTC ETF.

Glassnode is a leading blockchain data and intelligence platform that provides on-chain and financial metrics for Bitcoin, Ethereum, and other cryptocurrencies. It also offers tools and insights to help investors and researchers make data-driven decisions in the crypto market.

The introduction of Bitcoin Spot ETFs is reshaping the financial landscape in unprecedented ways. Demand is on the rise, with over $15 trillion in assets from companies seeking Bitcoin Spot ETF approval.

The looming institutional FOMO, once Bitcoin ETF Spots get the green… pic.twitter.com/rOBaW7Y0Yo

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) October 27, 2023

“Bitcoin spot ETFs are transforming the financial landscape in unprecedented ways. Demand is rising, with over $15 trillion in assets from companies seeking Bitcoin spot ETF approval. The institutional FOMO (fear of missing out) that could be triggered by Bitcoin ETF spot approvals could potentially spark a bull run, taking us to new heights in the crypto market.”

Looking at Bitcoin’s price action, the Glassnode co-founders say that BTC is starting to cool off after climbing to around $35,000.

“BTC has finally stabilized and lost some steam after several days of rising, with a price decrease to roughly $34,000. Future ETF approvals could lead to further gains; however, they will be short-term ‘sell the news’ events due to market dynamics.”