- Influential figures express optimism for BlackRock and Fidelity’s approval of Bitcoin ETFs.
- Lark Davis stressed the immense financial power of both institutions, which runs into the trillions.
- Davis argued that 0.3% of their funds to Bitcoin could significantly impact the market.
In a series of tweets, influential figures in the crypto space expressed excitement and optimism about the potential approval of a spot Bitcoin exchange-traded fund (ETF) for asset management giants BlackRock and Fidelity.
Lark Davis, a well-known YouTuber, took to Twitter to highlight the immense financial power of BlackRock and Fidelity, stating that if both companies were approved Bitcoin ETFs, it would be an incredibly bullish scenario for the markets.
If both Blackrock and Fidelity get approved for spot Bitcoin ETFs then it is hard to overstate how incredibly bullish that will be for markets.— Lark Davis (@TheCryptoLark) June 20, 2023
A trader and market psychology coach, Christopher Inks, echoed Davis’ sentiment that the more Bitcoin rallies when the ETFs are approved, the more bullish the market will become. However, not everyone shared the same level of enthusiasm.
One crypto enthusiast expressed a bearish view on the development, noting that the involvement of such significant players could potentially lead to short-term profit-taking. The Twitter user emphasized the importance of having long-term institutional players in the market rather than quick profit-seekers.
In another thread, Davis outlined the extraordinary impact that even a small allocation of BlackRock and Fidelity funds to Bitcoin could have on the market.
With BlackRock boasting a staggering $10 trillion in assets under management and Fidelity managing $4.5 trillion, Davis theorized that just 0.3% of their combined assets allocated to Bitcoin would be sufficient to purchase every available Bitcoin on exchanges.
Blackrock has 10 trillion in assets under management. Fidelity has 4.5.Just 0.3% of their funds allocated to Bitcoin would buy EVERY SINGLE BITCOIN currently available on exchanges. If these two companies get ETFs approved then buckle up!— Lark Davis (@TheCryptoLark) June 20, 2023
As reported by Coin Edition last week, a renowned financial expert argued that BlackRock has more favorable potential for approval from U.S. regulatory bodies, unlike Grayscale, whose ETF application was denied by the SEC.
The post BlackRock, Fidelity Potential BTC ETF Approval Fuels Bullish Sentiment appeared first on Coin Edition.