Gabor Gurbacs from VanEck, one of the spot-based Bitcoin ETF issuers, has taken to the Twitter/X social media platform to share his thoughts on the BTC exchange-traded products approved by the Securities and Exchange Commission of the US recently.
Summarizing the whole “story” about how the current Bitcoin market has managed to produce spot Bitcoin ETFs, he made what can be called a “bullish prediction” about how high these new products will be able to increase access to Bitcoin on the market.
Bitcoin ETF “prediction” by Gurbacs
VanEck’s strategy advisor Gurbacs tweeted that the approval of spot Bitcoin ETFs was the result of “the largest coordinated institutional effort in the history of financial instruments to bring a financial product to life.” All market participants, from average Bitcoin holders, to cryptocurrency exchanges and even media “methodically made it work.”
Now, as the SEC greenlighted the new Bitcoin-based product, Gurbacs believes, it will help to increase access to Bitcoin 10-50x within one year for traditional capital makers who for various reasons avoided buying Bitcoin directly.
Bitcoin ETFs executed the largest coordinated institutional effort in the history of financial instruments to bring a financial product to life.
Issuers, authorized participants/market makers, regulators, Bitcoin exchanges, asset owners, family offices, consultants, lobbyist,…
— Gabor Gurbacs (@gaborgurbacs) January 17, 2024
In a Twitter thread published on Tuesday, Grubacs said he now expects cash flows and M&A activity regarding spot Bitcoin ETFs to face a substantial increase. Financial institutions also want “a piece of the Bitcoin pie”, therefore they have launched spot ETFs and will not spare money to “acquire teams and products with a potential”, VanEck’s crypto advisor stated.
Another thing shared by Gurbacs is that he believes that there will certainly be successful cryptocurrency asset companies that will be able to create new products to rival traditional financial giants. For the future winners it will have great importance what technologies they own and what teams they hire, Gabor Gurbacs stated, adding: “It’s not about money. It’s about power.”
Bitcoin sell-off continues
Bitcoin price continues to decline after the epic surge last week. Since Wednesday, January 11, the world’s flagship cryptocurrency has lost more than 13% already as traders continue to sell some of their BTC to capitalize on the growth; many are also selling to find cash in order to buy some spot Bitcoin ETFs.
According to Cryptoquant data, miners are also selling Bitcoin. Over the last 24 hours, they have dumped 10,600 Bitcoins worth approximately $455.8 million.
🚨 #Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC miners. In just the last 24 hours, they’ve offloaded nearly 10,600 $BTC, valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N
— Ali (@ali_charts) January 17, 2024
