Writing about the potential impact of an ETF on the nascent market, analyst Spencer Bogart speculates that such an approval is likely to have a "profoundly positive" effect on the price of bitcoin, and that the $300m estimate is "conservative".

"The resulting effort to source the underlying bitcoin for the trust would likely drive the price of bitcoin up significantly," Bogart writes.

In the scenario, he told CoinDesk that $300m in assets would mean that the ETF's authorized participants would need to source this volume of bitcoin for the ETF, sending prices higher. (Bitcoin's market cap was just over $14.5bn at press time).

The catch, however, is that Bogart doesn't believe one of the major bitcoin ETF filings – the Winklevoss Bitcoin ETF, proposed by investors Cameron and Tyler Winklevoss – is likely to be approved.