A top analyst has calculated that the launch of a Bitcoin Spot ETF would require a massive liquidity injection of between $200 million and $400 million. This would involve spot buying of Bitcoin (BTC) on the market by the eight applicants, including BlackRock and Fidelity, whose filings have been resubmitted to the U.S. SEC.

Analyst Tom Dunleavy believes that the approval of the ETF would be a major bullish catalyst for BTC, resulting in significant price moves on spot markets. Meanwhile, BTC has defended its $30,000 level from bears, following the resubmission of applications to the SEC.