Higher Chance of Approval for Ether Futures ETF in the U.S.
The first ether futures ETF in the U.S. has a high probability of approval on or before the SEC’s final deadline in mid-October, according to K33 Research, a crypto market analytics firm. This potential listing of an ETF can give a boost to ether’s price, leading to stronger momentum for the cryptocurrency compared to bitcoin. In the past, bitcoin experienced a 60% surge in the weeks leading up to the launch of its first futures-based ETF.
K33 senior analyst Vetle Lunde believes that the odds are in favor of ETH and considers it a “strong relative buy” against bitcoin. He notes that ETH/BTC is currently trading near 2.5-year range lows, indicating room for significant upside.
Underestimating the Impact of a Spot Bitcoin ETF
While there has been considerable attention on ETFs for bitcoin, especially after BlackRock’s filing for a spot product, the potential impact of a spot bitcoin ETF seems to be underappreciated. The recent victory of Grayscale over the SEC in a lawsuit regarding its Grayscale Bitcoin Trust conversion into an ETF initially brought excitement. However, the SEC’s delay in deciding on the spot product filings by BlackRock and others dampened sentiments.
K33 analyst Vetle Lunde highlights that a spot bitcoin ETF approval could attract significant inflows and create substantial buying pressure on BTC. Conversely, if the spot ETFs are rejected, it would not bring any changes. September historically shows negative monthly returns for BTC, but current price levels present a buying opportunity for investors with a longer time horizon.
Hot Take: Seizing the Opportunity in the Crypto Market
This is a crucial time for crypto investors. With the potential approval of the first ether futures ETF and the underestimated impact of a spot bitcoin ETF, there are opportunities for significant gains. Consider taking advantage of the current market conditions and accumulating BTC at its current levels. Keep an eye on the developments regarding the ETF listings and make informed decisions to maximize your investment potential.
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