K33 Research says that the leading altcoin Ethereum will gain in the short term relative to Bitcoin. The research firm’s forecast is based on possible approval of an Ethereum futures-based ETF next month.
Research firm: Drop Bitcoin, look at Ethereum!
According to K33 Research, the SEC is likely to approve the first Ethereum futures ETF in the US. The research firm expects this approval decision on or before the mid-October deadline.
Timeline for crypto-related ETFs in October. Bloomberg/K33 ResearchMeanwhile, K33 says the market is underestimating the buying pressure of a spot Bitcoin ETF. However, K33 Research said in a report released Tuesday that the leading altcoin Ether (ETH) is poised to outperform Bitcoin (BTC), capitalizing on the stronger momentum regarding a possible exchange-traded fund (ETF) listing in September and October. says.
“The leading altcoin has more potential than BTC!”
The deadline for the US Securities and Exchange Commission (SEC) to approve or reject the first Ethereum ETF is mid-October. According to experts, the institution is likely to give the product the green light. K33 senior analyst Vetle Lunde states that this development will potentially increase the price of the leading altcoin. Meanwhile, he notes that Bitcoin gained 60% in the three weeks prior to the launch of its first futures-based ETF two years ago. In this context, Lunde shares the following assessment:
The odds are stacked in favor of ETH. Ethereum is a strong relative buy versus Bitcoin. ETH/BTC is trading near the lows of the 2.5-year range. There’s also significant room for wiggle room for the relative upside.
The impact of the Spot Bitcoin ETF is underappreciated
As you follow on Kriptokoin.com, asset management giant BlackRock applied for a spot product in June. A number of other asset managers applied soon after, including Fidelity. Following these developments, Bitcoin has received its fair share of fanfare regarding ETFs. Last week, the likelihood of the SEC approving a spot Bitcoin ETF seemingly increased after Grayscale’s victory over the institution in the case of converting the closed-ended Grayscale Bitcoin Trust (GBTC) into an ETF.
But excitement about the court decision quickly waned. Because the SEC has delayed the decision on spot product applications by BlackRock and others. This development also poured some cooler water into the sentiment later in the week. Bitcoin, which initially rose above $28,000 in Grayscale’s court victory, soon lost all of its gains and more, dropping to a six-month low of just over $25,000 last Friday afternoon. Lunde comments:
The market seems to be underestimating the potential impact of the spot Bitcoin ETF. A spot ETF approval should have created significant buying pressure on BTC, attracting massive inflows. Conversely, if BTC spot ETFs are rejected, nothing will change.
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