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When Bitcoin is compared to gold in “risk capital terms,” the implied allocation drops to $0.9 trillion, they said. This translates to a BTC price of $45,000, significantly less than the $70,000 price Bitcoin hit on Friday. "In our opinion, this is a realistic target of the potential size of spot bitcoin ETFs over time perhaps within a period of two to three years, though much of the implied net inflow could represent a continued rotational shift from existing instruments and venues to ETFs," the analysts said.
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