Gabor Gurbacs of VanEck, one of the spot issuers of Bitcoin ETFs, took to the social media platform Twitter/X to share his views on the BTC exchange-traded products recently approved by the US Securities and Exchange Commission.
Summarizing the entire “story” on how the current Bitcoin market managed to produce spot Bitcoin ETFs, he made what can be called a “bullish prediction” on how much these new products will be able to increase access to Bitcoin on the market.
Gurbacs Bitcoin ETF “Prediction”.
Gurbacs, a strategic advisor at VanEck, tweeted that the approval of Bitcoin spot 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 the media, “made it work methodically.”
Now, as the SEC has given the green light to the new Bitcoin-based product, Gurbacs believes that this will help increase access to Bitcoin by 10-50 times within a year for traditional capital producers who for various reasons have avoided buy Bitcoin directly.
Bitcoin ETFs have 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, lobbyists,…
— Gabor Gurbacs (@gaborgurbacs) January 17, 2024
In a Twitter thread posted Tuesday, Grubacs said it now expects a substantial increase in cash flows and M&A activity related to spot Bitcoin ETFs. Financial institutions also want “a slice of the Bitcoin pie”, which is why they have launched spot ETFs and will not spare money to “acquire teams and products with potential”, said the VanEck crypto consultant.
Another thing Gurbacs shared is that he believes there will definitely be successful cryptocurrency asset companies that will be able to create new products to compete with traditional financial giants. For future winners it will be of great importance what technologies they own and what teams they hire, said Gabor Gurbacs, adding: “It’s not a question of money. It’s a question of power.”
The Bitcoin sell-off continues
Bitcoin price continues to decline after last week’s epic surge. Since Wednesday, January 11, the world’s flagship cryptocurrency has already lost more than 13% as traders continue to sell some of their BTC to capitalize on the growth; many also sell to find cash to buy some spot Bitcoin ETFs.
According to Cryptoquant data, miners are also selling Bitcoin. In the last 24 hours they sold 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 the last 24 hours alone, they downloaded nearly $10,600 BTC, worth approximately $455.8 million! pic.twitter.com/JEtasWfR6N
— Ali (@ali_charts) January 17, 2024
