JMP Securities said in a research report on Wednesday that the inflow of funds into the spot Bitcoin ETF over the next three years could reach 220 billion US dollars. If our direction is correct with the estimated net inflow of ETF reaching 220 billion US dollars, using our estimate of the current new capital multiplier of about 25X, this alone can drive the market value of Bitcoin up by 5.5 trillion US dollars, with each Bitcoin reaching 280,000 US dollars.

In addition, JMP analysts said that if their inflow forecast is proven to be correct, cryptocurrency exchange Coinbase (COIN) is still in a favorable position. Factset data shows that the brokerage has raised its target price for the stock from $220 to $300, which is the highest expectation among Wall Street analysts, while maintaining its outperform rating.