Bitcoin-ETF approval in the U.S. will open the market to $30 trillion

This is the approximate amount of assets controlled by US investment firms that have applied to launch Bitcoin-ETF funds

The approval of applications to launch spot exchange-traded Bitcoin-ETF funds  in the U.S. will open the Bitcoin market to $30 trillion in capital, Bloomberg senior analyst Eric Balchunas told Cointelegraph.

This is the approximate amount of assets controlled by US investment firms. And which have filed applications to launch such products with the Securities and Exchange Commission (SEC). These include BlackRock, Fidelity, Invesco, Bitwise, ARK Invest, WisdomTree, 21Shares, VanEck and Valkyrie.

Also according to Balchunas, older investors and financial advisors often place investments with ETFs. Exchange Traded Bitcoin funds will provide access to the cryptocurrency without having to buy it directly.

The analyst believes that the participation of BlackRock, the world’s largest asset manager. Is enough to increase the chances of such products being approved from 1 percent to 50 percent.

Our experts note that cryptocurrency trading volumes rose in June for the first time in three months. The optimism of crypto traders is specifically due to BlackRock’s filing of an application to open a bitcoin exchange-traded fund (ETF). Also the total volume of spot and derivative trading on centralized exchanges increased by 14% to $2.71 trillion.