Bernstein: Spot Bitcoin ETF may be approved in early 2024

Odaily Planet Daily News Bernstein analysts said in a research report that the current scale of the crypto fund management industry is about 45-50 billion US dollars, and its scale may reach 500 billion to 650 billion US dollars in the next five years. The report states that demand will come from investment advisors, wealth and private banking products, as well as the ability to access Bitcoin ETFs in direct brokerage accounts. This means that ETF shares will account for 10% of the market capitalization of Bitcoin and Ethereum, while liquid crypto hedge funds will account for 5-6%. Analysts believe that the chances of a spot Bitcoin ETF being approved in early 2024 have significantly increased. Rather than “making up another reason for denial,” the SEC will take a “middle path” and accept an oversight-sharing agreement with Coinbase. (Blockworks)