U.Today – Renowned entrepreneur and investor Lark Davies gave an exciting prediction about an imminent bull run for the leading cryptocurrency. The forecast comes amid a broader cryptocurrency market rally, which has seen Bitcoin (BTC) rise to over $71,000.
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Davies highlighted several factors that could push the cryptocurrency market to hit a bull run soon. Chief among them is the surge in inflows accruing from the adoption of Bitcoin exchange-traded funds (ETFs) in the US.
In the last 18 days, Davies revealed that ETFs purchased 56,150 BTC. This translates to more than four months' supply of BTC. Furthermore, the renowned investor believes that the possible launch of an Ethereum spot ETF will have a substantial influence on the market.
“ETFs are about to start trading soon,” Davies said.
Furthermore, Davies added that the continued accumulation of Bitcoin by institutions such as MicroStrategy, Block, and Semler Scientific (NASDAQ:) could also influence Bitcoin's future movement.
“Institutions, wealth managers and pension funds around the world are lining up to own a piece of the Bitcoin pie. This bull run is going to be a lot crazier than you think,” Davies concluded.
At the time of this publication, BTC is trading at $71,456, which represents an increase of 0.27% in the last 24 hours. Trading volume increased by 14.5% to exceed $30 billion.
Mixed sentiment on ETH ETF spot approval
There seems to be mixed feelings regarding the approval of Ethereum spot ETFs. Jan van Eck, CEO of VanEck, says the approval of the Ethereum spot ETF has marked a historic change. As U.Today previously reported, the company is among other applicants that have received approvals from the US Securities and Exchange Commission (SEC).
Taking a contrary view, renowned banking giant JPMorgan claims that Ethereum ETFs could attract a much smaller share of inflows than expected when it finally begins trading. The banking institution foresees inflows of $3 billion for ETH products this year. However, the bank says this amount could double if gambling is allowed.
This article was originally published on U.Today.
