Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Will Soar Against
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin After
ETF Approvals: K33 Research
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Will Soar Against Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin After ETF Approvals: K33 Research
The firm claims Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum should break out from its stubborn resistance against
BTC over the next few months as ETF investors pile in.
By Andrew Throuvalas
Jul 2, 2024 Jul 2, 2024
3 min read
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is the world's second biggest crypto by market cap. Image:
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Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is primed to mount a comeback against Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin this month after
underperforming its sibling cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта since the start of the year,
according to K33 Research.
On the one hand, the leading smart contract platform is poised to receive its
first US-listed spot exchange-traded fund (ETF) in July, inviting a tidal wave
of new institutional demand into ETH. Meanwhile, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holders are awaiting
a 141,686 BTC ($8.8 billion) distribution from defunct Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin exchange Mt.
Gox —a looming tsunami of potential sell pressure now ten years in the making.
“The chickens of 2014 have come home to roost,” wrote K33 Research in a
Tuesday market update. “We expect net selling pressure to burden Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin in an
otherwise dry summer market, widening the chop suey range until rosier days
arise as the leaves turn orange.”
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Though the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has lost much of its bullish momentum since April,
K33 maintains that Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETFs will absorb between 0.75% and 1% of all ETH
in circulation within their first five months on the market. Though the ETF
launch could spark a “sell the news” event for ETH in the short term (much
like Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs in January), the firm says ETH’s “positive supply dynamics”
will afford it “relative strength” over the next several months.
“ETFs are a solid catalyst for relative ETH strength as the summer progresses
and flows accumulate,” continued K33 senior analyst Vetle Lunde, “and I firmly
view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs launched
down to 0.046 By May 24. That’s when surprise news broke that the SEC would
soon approve Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETFs, taking the ratio back up to 0.055 today.
Indicators suggest that positive sentiment around both ETH and BTC is
returning to form—particularly in the futures market.
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin futures premiums on the Chicago Mercantile Exchange• Объект организация » Организации по алфавиту » Организации на Ch » CME (CME• Объект организация » Организации по алфавиту » Организации на Ch » CME) are back to
trading in double digits at 10.9%, according to the report. As for Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum,
the newly launched VolatilityShares 2x leveraged ETH ETF now holds 33,700 ETH
($114 million) equivalent exposure after just 15 trading days, showing that
CME• Объект организация » Организации по алфавиту » Организации на Ch » CME traders want long-leveraged exposure to ETH right now.
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The new ETF’s popularity has helped push CME• Объект организация » Организации по алфавиту » Организации на Ch » CME ETH open interest back towards
all-time highs, currently sitting at 372,000 ETH ($1.26 billion). K33 Research
said such high interest signals intent to make directional trades around ETH
before the ETFs go live – though the direction of those trades remains
unclear.
“The soft funding rates suggest that the directional expectations are
balanced, with neither bullish nor bearish positioning dominating –
highlighting the uncertain market outlook and lack of consensus as ETH ETF
launches are nearing,” the report concluded.
Edited by Ryan Ozawa .
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