The market capitalization (market cap) of Bitcoin (BTC) could rise to $950 billion if the US Securities and Exchange Commission (SEC) approves Bitcoin spot exchange-traded funds (ETFs). By investing just 1% of their $15.6 trillion in assets, ETF approvals can inject $155 billion into the market. The move would hike Bitcoin’s realized market cap, calculated by adding the purchase prices of all Bitcoin in existence. History suggests that Bitcoin’s market capitalization rises faster than its realized market cap during periods of large inflows, meaning a $155 billion increase in the realized market cap may result in a market cap of between $465 billion and $955 billion. Bitcoin ETF Inflows Could Dwarf Grayscale. This rise would correspond with the price of Bitcoin rising to between $50,000 and $73,000.  It would dwarf the realized market cap increase of $5.5 billion in Grayscale Investments’ Bitcoin Trust during the last bull market. During that period, Bitcoin increased from $10,000 to $64,000, later peaking at $66,000. SEC ETF Approval Delays Are Good Several voices in the investment industry say the SEC’s delay could see it approve several ETFs simultaneously. The shift in dialogue from a flat-out rejection to a lengthy approval process appears to be a positive sign, argues Bloomberg analyst Eric Balchunas. “The fact that the SEC is actively engaging with spot bitcoin issuers on their current applications – which hasn’t ever happened before – we think a rejection is unlikely and holds a 75% chance of approval by the end of this year.”