Ethereum Holders Eye New Bitcoin ICO with Potential 1,997% Returns
Ethereum’s market has been experiencing bullish sentiment, driven by the anticipated launch of spot Ether exchange-traded funds (ETFs) in the United States.
According to K33 Research analysts, these ETFs could substantially boost Ether’s price action, potentially leading to Ethereum outperforming Bitcoin in the weeks following their launch.
Optimism surrounding Ethereum arises from expectations that the ETFs will attract major inflows, similar to Bitcoin’s spot ETFs.
K33 Research predicts net inflows equivalent to 0.75–1% of ETH’s circulating supply in the five months following the launch, potentially bolstering Ethereum’s price and market position.
However, the market seems to disagree with this bullish outlook. Ether futures are trading at a relative discount to Bitcoin futures, and the ETH/BTC price ratio is at 0.055.
Despite this, there’s a notable increase in Ether futures open interest, indicating that many traders are taking on leveraged positions in anticipation of price movements around the ETF launch.
The SEC’s recent decision to approve Ethereum ETFs supports the bullish sentiment surrounding Ethereum. This move caused a quick reversal in the ETH/BTC ratio, which had declined over the past 12 months.
Initial volatility may occur following the ETF launch, but analysts believe patient traders could benefit from the current ETH/BTC prices.
Increased institutional investment through these ETFs, combined with Ethereum’s strong fundamentals and growing ecosystem, contributes to a bullish outlook for Ethereum in the coming months.
With the market correction and bullish sentiment around Ethereum, holders looking to diversify their portfolios have more reasons to consider the 99Bitcoins (99b) presale.
SEC Chair, Gary Gensler,
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