According to CryptoPotato, a recent report by Matrixport suggests that the approval of BlackRock's spot Bitcoin ETF could push the cryptocurrency's price between $42,000 and $56,000. The US Securities and Exchange Commission (SEC) has yet to approve a spot Bitcoin ETF, despite numerous applications. Matrixport's report compares the potential impact of BlackRock's ETF approval to the $120 billion precious metals ETF industry. If 10–20% of investors in precious metal ETFs diversify their portfolios by allocating funds to Bitcoin ETFs, this could channel $12 billion to $24 billion into cryptocurrency investment options.Tether's market cap, often seen as a proxy for potential ETF inflows, plays a crucial role in this scenario. A $24 billion increase in Tether's market cap could drive Bitcoin's price to $42,000, while a $50 billion influx, accounting for a 1% allocation from Registered Investment Advisors (RIAs), could push the price to $56,000. BlackRock submitted its application for a spot Bitcoin ETF on June 15, and Bitcoin's price surged over 20% within the seven days following the filing. On October 18th, BlackRock submitted a revised version of its S-1 application for a spot Bitcoin ETF, amending risk disclosures related to the potential impact of events within the broader crypto industry on its share prices.