Share this article
Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Crypto exchange Coinbase (COIN) looks well-positioned to benefit from these growing inflows, the report said.
Updated Mar 13, 2024, 5:50 p.m. Published Mar 13, 2024, 5:48 p.m.
- Spot bitcoin ETFs could see $220B of inflows over the next three years, JMP Securities analysts say.
- JMP says Coinbase is well-positioned, and raised its stock price target to $300 from $220.
- Separately, Wall Street giant JPMorgan estimated $62 billion of bitcoin ETF inflows in the next two to three years.
Spot bitcoin exchange-traded funds could see $220 billion of inflows over the next three years, which means BTC's price could quadruple to $280,000 when applying the multiplier on new capital, broker JMP Securities said in a research report Wednesday.
JMP analysts said crypto exchange Coinbase (COIN) remains well-positioned if their inflow estimates prove to be correct. The broker raised its price target on the stock to $300 from $220, the highest among Wall Street analysts, according to Factset data, while maintaining its market outperform rating. Coinbase shares were trading 2.6% higher at $262.92 at press time.
While spot bitcoin ETF inflows have smashed expectations, reaching $10 billion just two months after launch, JMP said that “activity (and flows) experienced thus far is likely still the tip of the iceberg,” adding that flows will continue to grow materially as ETF approval was just the beginning of a “longer process of capital allocation.”
“We estimate $220B of incremental flows will come into the ETFs over the next three years, which could also be quite impactful to bitcoin’s price given the multiplier on capital,” analysts led by Devin Ryan wrote.
“If we are directionally correct on the level of net ETF inflows reaching $220B, applying our estimate of the current multiplier of new capital of ~25X, this alone could drive a $5.5T bitcoin market cap increase, or $280K per bitcoin,” the authors wrote.
In a new daily record, spot bitcoin ETFs saw net inflows of 14,706 bitcoin, worth over $1 billion, on Tuesday, according to data tracked by BitMEX research.
A separate JPMorgan analysis suggested that the bitcoin spot ETF market could grow to around $62 billion in the next two to three years, the bank said in a report last week.
Read more: Bitcoin Is Unlikely to Match Gold’s Allocation in Investors’s Portfolios in Nominal Terms: JPMorgan
STORY CONTINUES BELOW
More For You
需要了解的:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
需要了解的:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
