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What Would Be The Impact Of A Bitcoin ETF?

Artist Spotlight: Laura El

Author

Gannon Breslin
October 19, 2023

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Here is the breakdown of today's newsletter:

🚨 BItcoin Spot ETF Impact
🎨 Artist Spotlight: Laura El

Bitcoin ETF Impact Could Be Huge 👀

Even though just a few days ago Cointelegraph jumped the gun and tweeted out the fake news that the iShares Bitcoin Spot ETF was approved which sent BItcoin price flying and crashing in a matter of an hour … there is still massive potential for a spot ETF to get approved.

According to CryptoQuant, if Bitcoin spot ETFs are approved, Bitcoin could become a $900 billion asset, and the total crypto market could grow by over $1 trillion.

Excuse Me Wow GIF by Mashable

Yes, you read that correctly. The potential inflow from spot ETFs could be larger than the money that entered the Grayscale Bitcoin Trust $GBTC in the last bull market cycle. This could hypothetically push Bitcoin's price to between $50,000 and $73,000.

Historically, bitcoin's market capitalization has grown 3-5 times more than its realized capitalization during previous bull markets. We will of course have to wait and see because anything is possible!

  • Binance suspends all customer USD withdrawals (WGURU)

  • Former FTX chief engineer Nishad Singh pleads guilty to 6 charges in FTX case (AX)

  • 2023 has seen $2.3B invested into web3 gaming projects, $600M coming in Q3 (CPOT)

  • California puts comprehensive crypto bill in place (KTCO)

  • Fantom Foundation Wallet hacked for estimated $6.7M (CT)

  • FTX Creditors could receive 90% of their holdings in 2024 (DT)

Just some of the many amazing pieces by Laura El

Artist Spotlight: Laura El 📖

Laura El is a digital illustrator based in New York City. She is known for her incredible linework and storytelling abilities. In 2019, Laura started her own business as a full-time artist and has been thriving in web3 ever since. Her artwork has been featured in prestigious publications such as Forbes, Marie Claire, Martha Stewart, and Cosmopolitan and has fetched tens of thousands of dollars on SuperRare. Additionally, Laura's work has been sold at renowned auction houses like Sotheby's and Christie's, and has been exhibited worldwide, from billboards in Times Square, NY, to Hong Kong.

Just last month Laura’s new book "The Lurkers," released on Amazon for purchase.

💡 What is the Lukers about?

The Lurkers is a story about the eternal struggle between good and evil and the choices we make in life. It explores the consequences of our decisions, human perception, and the triumph of good over evil.

The illustrations were digitally hand-drawn on a tablet and finalized in photoshop. Each illustration has around 10,000 brush strokes on 100 layers. They are meticulously crafted and play a crucial role in telling the story.

Congratulations to Laura on all her accomplishments!

  • Binance and Cristiano Ronaldo announce 3rd NFT collection drop (CMST)

  • A new fund, backed by the owner of Bitcoin Magazine, plans to raise $5 million to actively trade Ordinals and inscriptions. (CT)

  • RTFKT has just released some amazing new shoe designs for Nike Dunk Genesis. The forge for these incredible creations begins today. Enjoy exploring the latest collection!

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Sponsored Content: There is no sponsored content in this newsletter.

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.