Renowned entrepreneur and Bitcoin investor Lark Davies gave an exciting prediction regarding an imminent bullish run for the leading cryptocurrency. The forecast comes amid a broader crypto market rally, which saw Bitcoin (BTC) rising to over $71,000.
Here's why bull run is possible
Davies highlighted several factors that could propel the crypto market to reach a bull run soon. Chief among them is the increased inflows amassed from the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the U.S.
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Within the last 18 days, Davies disclosed that the ETFs purchased 56,150 BTC. This translates to over a four-month supply of BTC. In addition, the renowned investor believes Ethereum’s potential spot ETF launch will have a substantial influence on the market.
“Ethereum ETFs are about to start trading soon,” Davies opined.
Furthermore, Davies added that the continuous accumulation of Bitcoin from institutions like MicroStrategy, Block and Semler Scientific could also influence Bitcoin's future movement.
A face-melting bull run is about to hit us.Here's why:…
— Lark Davis (@TheCryptoLark) June 7, 2024
“Institutions, wealth managers, and pension funds worldwide are lining up to own a piece of the Bitcoin pie. This bull run is going to be way crazier than you think,” Davies concluded.
At press time, BTC is trading at $71,456, representing an increase of 0.27% in the last 24 hours. Trading volume increased by 14.5% to over $30 billion.
Mixed sentiment on spot ETH ETF approval
There appears to be mixed sentiment regarding the approval of spot Ethereum ETFs. Jan van Eck, VanEck's CEO, says the approval of spot Ethereum ETF has marked a historic shift. As previously reported by U.Today, the firm is among other applicants that have received approvals from the U.S. Securities and Exchange Commission (SEC).
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In a contrary opinion, renowned banking giant JPMorgan claims the Ethereum ETFs could attract a much lower share of inflows than expected when it finally begins trading. The banking institution forecasts inflows of $3 billion for the ETH products this year. Nonetheless, the bank says this amount could double if staking is permitted.