According to analysts at K33 (formerly known as Arcane Research), the approval of Bitcoin spot ETFs will affect the cryptocurrency market much more than the public thinks.

In their report, K33 Senior Analyst Vetle Lunde and K33 Vice President Anders Helseth said that the chances of Bitcoin ETF applications being approved have increased significantly in the past three months. However, while these sentiments are not at all reflected in the rates of bitcoin and other large coins.

Analysts noted that against the backdrop of Grayscale’s victory in the lawsuit against the SEC, the bitcoin rate has grown significantly, but at the moment the price of BTC has rolled back to previous levels. But with the appearance of spot ETFs for bitcoin, the inflow of funds into the first cryptocurrency will be “incredible”, which means that there will be significant buying pressure.

At the same time, the compilers of the report believe that if the SEC refuses applications for bitcoin-ETF, this will only slightly affect the prices of cryptocurrencies.

“I firmly believe that the market is wrong now. After all, now is the buyer’s market and it’s just stupid not to accumulate bitcoins at current levels,” the document says.

Also, Lunde and Helseth wrote that they expect a larger increase from ETH than from BTC. Analysts expect that over the next two months, the income from investing in Ethereum will be more than from buying Bitcoin.

Recently, Grayscale sent a letter to the US SEC asking for cooperation in transforming the Grayscale Bitcoin Trust (GBTC) into a bitcoin spot ETF.