In the dynamic world of cryptocurrencies, a prevailing optimism surrounds the market as analysts at research firm Bernstein expect the ongoing rally to continue, fueled by the potential approval of the first Bitcoin Exchange Traded Fund (ETF) projected for January. Meanwhile, some changes in the assets in Bernstein’s cryptocurrency basket also attracted attention. 10 altcoins including Optimism (OP), Arbitrum (ARB); It was among the coins in the company’s basket. Here are the details…
Bernstein talks crypto ETF approvals
A report recently published by the research company Bernstein attracted attention. In the report, analysts express optimism, predicting that the ongoing rise in the cryptocurrency market will continue until the potential approval of the first Bitcoin Exchange Traded Fund (ETF) in January. Analysts at Bernstein underlined their positive outlook by saying, “We expect this to continue to strengthen at least until the first Bitcoin ETF is approved, likely in January.”
This view also aligns with the predictions of Bloomberg Intelligence analysts James Seyffart and Eric Balchunas, who estimate the probability of Bitcoin ETFs being approved by the US Securities and Exchange Commission (SEC) at 90%. While Ethereum ETFs that invest in futures have already received approval, Bernstein analysts predict that a spot Ethereum ETF will be established following the approval of the spot Bitcoin ETF. Notably, BlackRock, the world’s largest asset manager, has publicly stated its intention to create a spot Ethereum ETF, as noted in its S-1 filing with the SEC.
There is OP and these 10 coins in the cryptocurrency basket
In addition to these developments, the Bernstein report provides a comprehensive update on the cryptocurrency basket the firm launched on July 31. This basket covers various cryptocurrencies such as Bitcoin, Ethereum, Optimism, Arbitrum, Polygon, Lido, Solana, Uniswap, Synthetix Network, GMX and Chainlink. Since its inception at the end of July, the basket of cryptocurrencies has shown impressive returns, rising 34 percent overall and a remarkable 136 percent since the beginning of 2023.
While market participants eagerly await the potential approval of the first Bitcoin ETF followed by the establishment of a spot Ethereum ETF, investors remain vigilant, closely monitoring these developments for potential impacts on the broader cryptocurrency market in the coming months. The evolving regulatory environment and increasing institutional interest continue to shape the narrative of cryptocurrency as an emerging asset class. Analysts and investors are preparing for further developments that could shape the course of the market in the near future.
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