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The price of cryptocurrency leader Bitcoin (BTC) has fallen more than 5% in a week and is currently trading at about $67,300, down 8.65% from its all-time high of $73,750.07 on the 12th (Korean time).
10X Research, a cryptocurrency market analysis company, predicted in a report on this day, “If Bitcoin exceeds $72,000, it will break its all-time high again.”
The report said, "However, despite the forecast that an interest rate cut is expected in September, there has been a movement to liquidate long positions in Bitcoin due to the remarks of the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler that it will take time to approve the Ethereum (ETH) spot ETF. “ETH/BTC prices are also continuing to fall,” he analyzed.
Meanwhile, Eric Balchunas, a Bloomberg ETF analyst, said through .
He continued, “Everyone was paying attention to tokenized securities, but did not expect tokenization to replace ETFs. Bloomberg predicted that demand for Ethereum spot ETFs would be sluggish, but event participants said that this prediction underestimated the ETH spot ETF. “I thought about it,” he added.
Bloomberg reported on the 6th that "ETH has a market capitalization of 1/3 that of BTC, so the ETH spot ETF will not have the same impact as the BTC spot ETF."
Previously, Edouard Hindi, Chief Investment Officer of Tyr Capital, a digital asset management company for institutions, said in an interview with CoinDesk on the 10th, “After approval of the ETH spot ETF, it will be worth $5 billion to $10 billion in the short to medium term.” “New capital could flow in through ETF products, which could push the price of ETH to an all-time high by the end of this year,” he predicted, adding, “Ethereum’s target price this year is $10,000.”
