Institutional investors and wealth managers foresee an uptick in Bitcoin’s price, projecting a minimum 10% increase within the next six months, according to research.
This optimism stems from the recent approval by the US Securities and Exchange Commission (SEC) for the launch of spot ETFs, according to research by London-based Nickel Digital Asset Management.
73% of professional investors anticipate Bitcoin’s ascent, with nearly 1 in 10 predicting gains exceeding 51%. The study, encompassing investors from the US, UK, Germany, Switzerland, Singapore, Brazil and the UAE was conducted when Bitcoin’s price hovered around $45,000.
Bitcoin dips amidst SEC ETF anticipation
The approval of Bitcoin spot ETFs in the US is widely regarded as a pivotal moment for the crypto industry, with 95% of respondents considering it a “game-changer”.
80% anticipate a surge in applications for spot ETFs for other digital assets, with approximately 68% expecting this influx within the next six months.
The involvement of major financial institutions like BlackRock and Fidelity, who have filed applications for Bitcoin and Ethereum spot ETFs, is seen as a catalyst for broader institutional acceptance of digital assets. This sentiment was reinforced by 93% of respondents who believe that the interest displayed by firms like BlackRock will encourage more financial institutions to engage with the digital asset sector seriously.
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Anatoly Crachilov, CEO and founding partner at Nickel Digital, said: “The SEC approval of Bitcoin spot ETFs was much anticipated and factored into pricing, with the fall in price over the last week very much expected.
However, it is a game changer for the industry over the long run and a potential inflexion point for the industry, with institutions upbeat about the price reaction over the next six months with an expectation that more digital assets will become available to invest in via spot ETFs.”
