Will the Bitcoin Price Rise to $100,000 by the End of 2023? – $1.5 Trillion and $100B Asset Manager File for Bitcoin ETF – Tons of Money to Hit the Market

Despite the strong regulatory action earlier this month by the US SEC, big players from the traditional finance space have shown interest in entering the crypto space. Last week, the world’s largest asset manager BlackRock filed for a spot-Bitcoin ETF with the US SEC.

Over the last 24 hours, two other major players have joined the bandwagon. On Tuesday, June 20, WisdomTree filed for ‘WisdomTree Bitcoin Trust’, a Bitcoin ETF, with the US SEC. The company has expressed its aim to benefit from the price of Bitcoin through its Bitcoin Trust while keeping expenses low. In order to achieve this objective, the Trust will hold Bitcoin, as stated in the company’s SEC filing on Tuesday. Additionally, the WisdomTree Bitcoin ETF will rely on an independent pricing source to determine the value of its Bitcoin holdings.

On the same day, the $1.5 trillion asset manager Invesco Investments, reactivated their spot Bitcoin ETF filing by submitting form 19b-4 to the US SEC. The arrival of Bitcoin ETFs will allow investors to gain indirect exposure to the asset without actually owning it.

The trust will allow investors to indirectly invest in Bitcoin by using professional custodians and other service providers. This approach provides important protections to investors that they may not have when directly investing in Bitcoin. Through this investment product, they will be safeguarded against risks like insolvency, cyber-attacks, and other potential dangers.

Will Bitcoin Price Rally to $100,000 This Year-End?

As WisdomTree and Invesco file for a spot Bitcoin ETF, the BTC price has shot up by nearly 8% in the last 24 hours. As of press time, Bitcoin (BTC) is trading 7.82% up at a price of $28,885 and a market cap of $560 billion. Along with Bitcoin, altcoins such as Ether, Solana, and Cardano, have posted gains anywhere between 4-5%.

Speaking to Bloomberg, Hayden Hughes, co-founder of social-trading platform Alpha Impact said:

The rally is backed by institutional demand. The BlackRock announcement on a Bitcoin ETF, plus EDX Markets, gave Bitcoin a boost on hopes that traditional institutions will add depth to the crypto market.

It is pretty obvious that the BlackRock filing has once again ignited the race. BlackRock recently submitted an application while Grayscale Investments is involved in a legal dispute with the SEC. Grayscale is seeking to convert its Bitcoin Trust into an ETF backed by physical assets. There is speculation that BlackRock’s move could support Grayscale’s case, as it has caused the discount on the trust’s net asset value to decrease significantly.

Coming to the BTC price, it will be interesting to whether Bitcoin could sustain this rally going ahead. The BTC price managed to hold above the 200-Week EMA and has bounced off firmly from that area. Popular crypto analysts Michael Van de Poppe predicts a rally to $38,000.

Also, with Bitcoin halving approaching closer, it could serve as a catalyst for Bitcoin to hit new all-time highs by the year-end.