Bitcoin’s ‘Worst Kept Secret’ Is About To Have A ‘Huge’ Price Impact

Bitcoin
BTC
has seen a huge resurgence in recent weeks, barreling back into a bitcoin price bull market despite fears the U.S. could be about to “kill” it.

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The bitcoin price has more than doubled since November last year (with recent events suggesting 2024 could be even more impactful).

Now, Dan Morehead, the influential founder of bitcoin and crypto investment company Pantera Capital, has predicted the “worst kept secret” in bitcoin could be about to have a “huge” impact.

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“As we approach what appears to be the worst kept secret in blockchain, the launch of a number of spot bitcoin ETFs, will the news, when it finally does come, be a time to sell,” Morehead asked in a blog post.

The bitcoin price was turbo-charged by BlackRock
BLK
, the world’s largest asset manager, in June when it made a surprise application to launch a bitcoin spot exchange-traded fund (ETF), potentially opening up the bitcoin market to the $48.3 trillion U.S. wealth management industry.

BlackRock’s bitcoin spot filing triggered a flood of rival Wall Street giants to file for their own bitcoin funds, with the U.S. Securities and Exchange Commission (SEC) now weighing around a dozen applications.

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“A BlackRock ETF fundamentally changes access to bitcoin,” Morehead wrote. “It will have a huge (positive) impact. We strongly believe many spot bitcoin ETFs will be approved. We also believe it will happen in a matter of a month or two—not years.”

Expectations have soared in recent weeks that the approval of a bitcoin spot ETF is imminent, with Bloomberg Intelligence analysts putting the odds that the SEC will greenlight a fund by January 2024 at 90%.

Morehead added that the advent of a long-awaited U.S. bitcoin spot ETF is a rare example of a “buy the rumor, buy the news” event—unlike crypto exchange Coinbase’s Nasdaq listing and the late 2021 arrival of a bitcoin futures ETF, both of which coincided with the bitcoin price’s last bull run peaks.