Last week, a U.S. Court said the regulator lacked adequate reasoning to block Grayscale from converting its bitcoin trust to an exchange-traded fund.
The verdict is a big step towards the first U.S. Bitcoin ETF and paves way for a significant institutions-driven rally in the world’s largest cryptocurrency, as per Chhugani.
Strong showing in courts improved ETF chances and the progressive institutional interest are positioning crypto for an unprecedented institution capital led cycle.
Despite positive catalysts in recent months, Bitcoin is still lingering around the $26,000 level – well below its year-to-date high of over $31,000. Still, Bernstein’s Chhugani said in his research note today:
This is a cycle slower to take off, but is being laid on much strong fundamental grounds of regulatory clarity and more strategic long-term players entering the space.
Chhugani is convinced that asset managers will push for a Spot Ethereum ETF afterwards and may even venture eventually into Solana and Polygon.
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