Experts Bullish On Ethereum ETFs Launching July 4, Predicting Potential Surge Beyond $7,000
2024年6月28日 - 11:00AM
NEWSBTC
As the highly anticipated launch of the first spot Ethereum ETFs in
the United States nears, experts are predicting a significant price
appreciation for the second-largest cryptocurrency in the market.
Ethereum ETFs On The Horizon According to a recent Reuters report,
the US Securities and Exchange Commission (SEC) could approve
Ethereum ETFs as soon as July 4, as discussions between asset
managers and regulators enter the final stages. Industry
executives and other participants who requested anonymity due to
the confidential nature of the talks revealed that the process of
amending the offering documents has progressed to resolving only
“minor” issues, and approval is “probably not more than a week or
two away.” Related Reading: Bitcoin Battling Bearish Headwinds: Is
The Sell-Off Over? According to Morningstar Direct data, the launch
of Bitcoin-based ETFs in the US in January was a major success,
drawing around $8 billion in assets. By late June, these nine new
products had nearly $38 billion in assets, although the holdings of
Grayscale Bitcoin Trust – which converted its $27 billion BTC trust
into an ETF simultaneously – dipped to $17.8 billion. However,
experts believe the launch of the new spot Ethereum ETFs may not be
as impressive as the Bitcoin ETF debut. James Butterfill, head of
research at Coinshares, noted that “Ethereum is not the same size
in terms of market cap, nor does it have the same volumes” as BTC.
Given the differences in market size and nature of the two
cryptocurrencies, Bryan Armour, an ETF analyst at Morningstar,
believes inflows may be much more muted when the Ethereum ETFs
launch. “With Bitcoin, there had been pent-up demand for a decade,
and investor interest was off the charts,” Armour said. “This just
isn’t going to command the same excitement.” However, not everyone
shares the same cautious outlook. ETH Eyes Potential Rally
Toward $7,500 Quinn Thompson, the founder and CIO of Lekker
Capital, has recently stated that the market is in the middle of
“one of the most obvious and attractive crypto buying opportunities
of recent memory.” Thompson further claimed that it was
“cool” to be bullish in the past, but now, it appears that “Twitter
has become a contest to see who can have the most negative ETH ETF
take.” Thompson further noted: Personally, I think ETH will reach
$7,000 and BTC will make its first attempt at $100,000 by the
election in November. The Glassnode co-founders also shared a
bullish price analysis for Ether, stating that if investors look at
Ether’s history, similar patterns are developing as in the early
stages of the 2021 bull market. They believe the current
structure gives a target of around $7,500 as a final high for
Ether, mirroring the Fibonacci extension seen in 2021 and implying
a strong rally in Ether “soon!” Related Reading: Dogecoin
Profitability Rises To 75% As Shiba Inu Plunges To 52% While
caution remains regarding the possibility of further price
declines, experts argue that such a scenario would require a new
exogenous event to occur. Overall, market sentiment is leaning
towards Ethereum reaching $7,000 and Bitcoin’s first attempt at
$100,000. At the time of writing, ETH was trading at $3,460, up
more than 3% over the past 24 hours as the broader market recovers
from the corrections seen over the weekend and into the beginning
of the week. Featured image from DALL-E, chart from
TradingView.com
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