What will happen to the price when the ETF gets approved?

4.19M #bitcoin are liquid. In reality it’s likely way less because of UTXO management, moving to cold storage, changing wallets etc.

Let’s say 2M are liquid and that 1M will become liquid when the ETF is approved. So 3M BTC are possible to buy with fiat coupons.

The ETF issuers have $17.7T in AUM and Fidelity suggests to put 5% into BTC. That’s $0.9T.

If we use BofA Bull Market Multiple of 118 this creates a price of:

($0.9T x 118) / 3M BTC = $35.4M per BTC