Former BlackRock Manager Announces Anticipate a $17.7 Trillion Bitcoin Inflow

A former BlackRock manager has predicted that spot Bitcoin ETFs would soon be approved in the US, which could bring in up to $17.7 trillion from institutional investors.

Some market participants have tempered optimism that the SEC would approve a spot bitcoin ETF, while others have remained bullish. The arrival of spot bitcoin ETFs in financial institutions is expected to occur over the next three to six months, as stated by former BlackRock managing director Steven Schoenfield.

The pressure on the SEC to accept the several spot bitcoin ETF applications it has received over the last few months has been significant. Some senators in the United States have recently spoken out on the issue, urging the SEC to move quickly on the applications.

Many experts have speculated that the SEC would finally green light the ETFs sometime in the first half of 2024. Analysts at Bloomberg now put the chances of approval at 75%.

Prior to becoming CEO of MarketVector Indexes, Steven Schoenfield had estimated that it would take “nine to twelve months” for the company to get SEC clearance. But the administration has released this schedule in light of new information.

During a panel discussion on exchange-traded funds (ETFs) at London’s CCData Digital Asset Summit, Schoenfield predicted that a spot BTC will be available to investors within “three to six months.”

“All applications for spot Bitcoin ETFs are likely to be approved by the SEC at the same time. I doubt they want to give anybody a head start,” Schoenfield said.

Spot Bitcoin ETF applications have increased significantly, and if approved, they have the potential to radically alter the digital asset market and catapult BTC to unprecedented heights. Trading activity for cryptocurrency futures exchange-traded funds (ETFs) is presently dominated by North America, particularly the United States.

If a spot Bitcoin ETF is given the go-light, it has the potential to bring in up to $17.7 trillion in cash from institutional investors. Eric Balchunas, a senior ETF analyst at Bloomberg, estimates that this would increase North America’s share to more than 99.5%.

BlackRock is leading the campaign for a spot Bitcoin ETF, and they control more than $9.4 trillion. WisdomTree, Invesco Galaxy, Valkyrie, and VanEck are among the other Wall Street heavy hitters still awaiting clearance.

Also Read: Nicholas Merten Says Bitcoin Could Fall 46% Because Of U.S. Recession Worries