K33 Research Calls for a Shift from Ethereum to Bitcoin
K33 Research, a prominent crypto analysis firm, has released a report that has garnered significant attention from investors. The report strongly advises investors to “pull the brakes” on Ethereum and shift their focus back to Bitcoin.
K33 Analyst Vetle Lunde Changes Stance
In September, K33 Research analysts Anders Helseth and Vetle Lunde predicted that Ethereum would outperform Bitcoin due to the potential listing of an exchange-traded fund (ETF). However, their latest market report indicates a change in strategy.
The analysts emphasize the need to “pull the brakes on ETH (Ethereum) and rotate back into BTC (Bitcoin)” in their recent report.
The initial trading volume of Ether futures ETFs fell far below expectations, accounting for only 0.2% of the ProShares Bitcoin Strategy ETF’s trading volume on its first day. As a result, Lunde has revised his recommendation and no longer advises increasing allocation to Ethereum.
Bitcoin Gains Momentum
Two factors contribute to this change of heart. Firstly, there is speculation that Bitcoin may receive approval for its own ETF in October. Secondly, the upcoming “Bitcoin halving” event in April 2024 adds further appeal to Bitcoin.
K33 Research now believes that Bitcoin is the more favorable investment option compared to Ethereum. However, it’s important to note that the crypto market is volatile and subject to constant fluctuations.
Hot Take: Is It Time to Shift Focus from Ethereum to Bitcoin?
K33 Research’s compelling report suggests that investors should reconsider their investment strategy and divert their attention back to Bitcoin. The disappointing performance of Ether futures ETFs has led analysts to believe that Bitcoin holds greater potential. However, it’s essential to stay informed about market trends and be prepared for the unpredictable nature of the crypto world.
By
By
By
By