- K33 Research predicts Ether will likely outperform Bitcoin due to a high probability of the U.S. SEC approving the first Ether futures ETF in mid-October.
- While the market has been focused on Bitcoin ETFs, K33 states that the potential impact of a spot Bitcoin ETF is largely underestimated.
Setting the Stage for an ETF-Fueled Rally
As the blockchain landscape evolves, Ether (ETH) is gearing up to surpass Bitcoin (BTC) in short-term performance, driven by forthcoming developments in the exchange-traded fund (ETF) space. This bold projection comes from K33 Research, a leading crypto market analytics firm. The U.S. Securities and Exchange Commission (SEC) has until mid-October to either sanction or reject the first futures-based Ether ETF, and K33 Research contends that the regulatory body is likely to give it the nod.
The Calculus Behind Ether’s Anticipated Surge
K33’s senior analyst Vetle Lunde indicates that the rationale behind this projection is far from capricious. In the three weeks leading up to the launch of Bitcoin’s inaugural futures-based ETF, the premier cryptocurrency spiked by 60%. Lunde infers from this historical precedent that Ether is positioned for a significant uptick. The ETH/BTC trading pair currently languishes near a 2.5-year low, leaving considerable latitude for an upside swing.
Market Underestimates the Bitcoin ETF Impact
Bitcoin has captured significant attention in the ETF narrative ever since investment behemoth BlackRock initiated the filing for a spot-based Bitcoin ETF back in June, quickly followed by other financial juggernauts like Fidelity. The SEC, however, has been reticent to offer any swift approvals, even in the wake of Grayscale’s recent courtroom victory against the regulatory body. This has led to market sentiment cooling, with Bitcoin prices waning to near six-month lows.
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Vetle Lunde observes that the market may be undervaluing the potential ramifications of a spot Bitcoin ETF. Such an approval could act as a market catalyst, triggering colossal inflows and exerting robust buying pressure on Bitcoin. Conversely, rejection would merely maintain the status quo.
Despite the annual trend of Bitcoin showing negative returns each September since 2016, Lunde maintains that current market conditions provide an auspicious buying opportunity for long-horizon investors. He contends that the present market, priced at $25,720 for Bitcoin at the time of the report, offers fertile ground for judicious accumulation of crypto assets.
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