K33 Analysts Feel The Impending Bitcoin ETF Approval Isn’t Priced In Yet

Recently, the crypto market may have overlooked the profound impact of a potential spot Bitcoin ETF approval. Analysts from the esteemed crypto research establishment, K33, suggest that this oversight could affect market dynamics shortly.

Bitcoin ETF and Bitcoin’s Potential Rise

Over the past quarter, the prospects for a Bitcoin spot ETF have seen an uptick. This newfound optimism, as presented by K33’s Vetle Lunde and Anders Helseth, isn’t adequately mirrored in Bitcoin’s price or its counterparts in the crypto realm. Interestingly, despite Bitcoin’s dip post-Grayscale’s landmark win against the Securities and Exchange Commission, an ETF approval could catalyze a massive influx of capital. This, in turn, could skyrocket buying demand for the leading cryptocurrency.

Conversely, Lunde and Helseth opine that any negative outcomes from an ETF disapproval will likely have a minimal effect. In simple terms, Bitcoin would continue its trajectory unperturbed.

Given the rising tide of optimism, with experts from Bloomberg even forecasting a whopping 75% approval rate this year, there is a disconnect. According to these analysts, the market’s perspective on ETFs is misaligned. Helseth boldly asserts, “The market’s current view is flawed. Undeniably, this presents a golden opportunity for investors, making it an ideal time to invest in Bitcoin strategically.”

Gauging the Broader Market

Adding weight to this bullish stance, a notable 2% surge in the tech-centric Nasdaq-100 index is a testament. Historically, this index is an effective barometer of the market’s willingness to take risks.

Lunde and Helseth aren’t just stopping at Bitcoin. They’re also bullish about Ether (ETH). Their analysis suggests that ETH, riding the waves of positive momentum, could overshadow Bitcoin in the upcoming months, especially with the anticipation of a futures-based ETF listing.

Drawing parallels, Bitcoin witnessed a commendable 60% surge leading to its first futures-based ETF launch on October 19, 2021. Similarly, Ether is poised on the cusp of a monumental decision regarding its futures-based ETF by mid-October, expected to receive the SEC’s nod.

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