Crypto exchange-traded-funds (ETFs) add capital to the market not just by creating demand in the spot market, but the market signal of regulatory approval of these products produces a growth flywheel for retail and other institutional flows that are seeking legitimacy, broker Bernstein said in a report Monday.

“With the interest of leading global asset managers in bitcoin (BTC) spot ETFs and potential mechanisms to address the U.S. Securities and Exchange Commission (SEC) objections, the probability of approval has risen,” analysts led by Gautam Chhugani wrote.

Bernstein expects a spot bitcoin ETF market to be sizable, reaching 10% of bitcoin’s market cap in two to three years.

The SEC extended its review of the Ark 21Shares bitcoin ETF application on Friday, as the regulator continues to assess applications from traditional finance heavyweights such as BlackRock (BLK) and Fidelity Investments.

Cryptocurrency ETF’s will benefit from a “strong brand marketing push by leading global asset managers,” and a “distribution push from retail brokers and financial advisors,” the note said.

The broker says new capital to power up a new crypto cycle will come from fresh stablecoin supply, tokenization of traditional assets, native crypto infrastructure tokenization and ETFs.

“On-chain assets have been stuck in a $40b range this year, and stablecoins in circulation at around $120b,” the report added.

Read more: SEC Likely to Approve Several Spot ETFs, Sparking Next Bitcoin Rally: Matrixport