Bitcoin Could Surge to $56K if BlackRock Spot ETF Approved, Matrixport Predicts Up to $50B Inflows

Bitcoin could rise to between $42K and $56K if BlackRock's spot BTC ETF is approved, per Matrixport.

Matrixport estimates $12-24B could flow into a Bitcoin ETF from precious metals ETF investors diversifying.

Bitcoin rose from $24.8K to above $30K in the 7 days after BlackRock filed for a spot BTC ETF on June 15.

With 1% BTC allocation from $5T in assets from RIAs, around $50B could flow into Bitcoin.

At $24B Tether market cap increase as proxy for ETF inflows, Bitcoin could hit $42K conservatively or $56K with $50B inflows.