Ether Set to Outperform Bitcoin as Market Anticipates Spot ETF Approval
Ether is expected to continue outperforming bitcoin in the medium term as the market awaits potential spot ETH ETF approvals, according to QCP Capital’s latest Market Update report. While the SEC recently approved multiple spot bitcoin ETFs in the U.S., ether has seen a rally of over 5% in the past week, while bitcoin has declined by over 6% during the same period. The ETH/BTC exchange rate has also risen from 0.05 to 0.06. QCP Capital analysts predict that the next major events in the crypto space will be the bitcoin halving in mid-April and the potential approval of spot ether ETFs from May.
Larry Fink Hints at Spot Ether ETF
The possibility of a spot ether ETF gained momentum after BlackRock CEO Larry Fink expressed interest in having such a product in the U.S. In an interview with CNBC, Fink stated that he “sees value” in an Ethereum ETF and considers it a stepping stone towards tokenization. BlackRock, which filed for a spot bitcoin ETF product in June, filed with the SEC for a spot ether ETF in November last year.
Ether Supply in Profit Surpasses Bitcoin
Recent data shows that the percentage of circulating supply for ether in profit has reached a multi-year high of 91.8%, while bitcoin’s percentage of supply in profit has fallen to 86.2%. This indicates that more investors are making profits from holding ether compared to bitcoin. According to The Block’s Price Page, ether is currently trading at $2,529, experiencing a 1.4% decrease in the past 24 hours.
Hot Take: Ether Poised for Continued Success
Ether’s strong performance and potential approval of spot ETFs indicate that it will likely continue to outperform bitcoin in the medium term. With the market anticipating ETF approvals and the rising demand for tokenization, ether’s value is expected to increase further. As more investors recognize the opportunities offered by ether, its supply in profit surpassing bitcoin demonstrates its popularity and potential for growth. Keep an eye on ether as it remains a favorable investment choice in the cryptocurrency market.
By
By
By
By