Analysts: Underestimation of Spot Bitcoin ETF Approval Potential Could Impact Prices, Optimism for Ether Outperformance
Summary:
Analysts from crypto research firm K33 believe that the potential approval of a spot Bitcoin ETF could have a significant impact on prices. They argue that the market is underestimating the potential inflows and buying pressure that an ETF approval could bring. Additionally, the analysts express optimism for the price of Ether, expecting it to outperform Bitcoin in the coming months. This comes ahead of the anticipated verdict on a futures-based Ether ETF, which is expected to receive approval from the SEC in mid-October.
A spot Bitcoin ETF approval has the potential to significantly boost prices, according to analysts from crypto research firm K33. Despite the current lack of market sentiment reflected in Bitcoin's price, the analysts believe that an ETF approval would attract massive inflows and increase buying pressure. On the other hand, a potential rejection of a spot ETF would have a negligible effect on Bitcoin prices. The analysts argue that the market's outlook on ETFs is fundamentally incorrect, with a growing likelihood of approval. They also express optimism for the price of Ether, expecting it to outperform Bitcoin in the next two months due to strong momentum ahead of a futures-based ETF listing. The verdict on a futures-based Ether ETF is anticipated to be announced in mid-October, with expectations of receiving approval from the SEC.
Published At
9/6/2023 12:36:40 AM
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