 ▲ Ethereum (ETH) |
Cointelegraph, a cryptocurrency media outlet, paid attention to the forecast report by market research firm K33 Research analysts Vetle Lunde and David Zimmerman that ETF products will serve as golden eggs for Ethereum price trends.
The report noted that Ethereum has underperformed Bitcoin (BTC) for more than a year and gained an additional lead in the market with more than $14 billion in fund outflows following the launch of the Bitcoin spot ETF earlier this year.
Talking about the market situation after the launch of the Ethereum spot ETF, “Immediately after the launch of the Ethereum spot ETF, the price of Ethereum will record a downward trend, similar to the pattern immediately after the launch of the Bitcoin spot ETF. However, as capital inflows into Ethereum spot ETFs continue to be recorded, this will promote strength in Ethereum token prices.”
He continued, “The Ethereum Spot ETF will serve as a clear catalyst to increase the relative strength of Ethereum throughout the summer,” adding, “In the five months following the launch of the Ethereum Spot ETF, 0.75 to 1% of the circulating supply of Ethereum tokens will “We maintain our bullish outlook for inflows into ETF capital,” he explained.
He also added that the current ETH/BTC price is cheap. This was also pointed out as a signal that the market does not agree with the current Ethereum price position. ETH/BTC trading price has been declining over the past year, and the annual low was confirmed to be 0.045BTC on May 24 (local time).
Meanwhile, the prevailing prediction among market experts is that trading will begin after the U.S. Securities and Exchange Commission (SEC) approves the Ethereum (ETH) spot exchange-traded fund (SEC) in July.
Steve Kurz, president of Galaxy Digital Asset Management, appeared on Bloomberg TV and said he was confident an Ethereum spot ETF would be approved in July.
Prior to this, Bloomberg ETF analysts James Seyffart and Eric Balchunas claimed that the approval date for the Ethereum spot ETF, originally predicted to be as early as July 2 (local time), was delayed, but approval is likely in July. He said there is no change in the outlook.
