The introduction of exchange-traded funds (ETFs) for Ethereum spot is expected to drive the second largest cryptocurrency to outperform Bitcoin. Some experts are analyzing the current situation and are strongly supportive of this theory.
Market analysis platform K33 Research analysts are forecasting that Ethereum ETFs could fuel the token’s performance relative to Bitcoin. Will ETFs give Ethereum the necessary push to surpass Bitcoin?
The analysts’ prediction emphasized that the introduction of Ethereum ETFs in the US will have a significant impact on the cryptocurrency’s performance. As a result, K33 Research highlighted in its analysis its belief that Ethereum could exceed Bitcoin in the weeks following the launch of the products.
Platform experts, Vetle Lunde and David Zimmerman, stressed in the report that ETFs present a great opportunity for the price of Ethereum, while Bitcoin faces potential selling pressure due to the return of US$ 8.5 billion from creditors of the defunct Mt. Gox exchange starting this week.
Governments are selling into the summer, while open interest in ETH is surging towards record levels with the ETF launch drawing near. [img]
In this article, we will cover:
Ethereum ETF Approval
Ethereum Annual Revenue Increases 100% Against Bitcoin
Ethereum ETF Approval
The anticipation surrounding the approval of Ethereum spot ETFs has been delayed once again. Initially expected to be completed by July 2, the U.S. Securities and Exchange Commission (SEC) extended the deadline for issuers to submit revised documentation until July 8th.
Eric Balchunas, Senior ETF Analyst at Bloomberg, expressed his frustration on social media, stating, “Unfortunately, we will have to postpone our over/under date until after the holidays. The SEC took extra time to get back to people this week, although the adjustments were very slight.” He also indicated that “From what I hear, next week is dead because the holiday = July 8th, the process will resume, and shortly after that, they will be released.”
Ethereum Annual Revenue Increases 100% Against Bitcoin
In a surprising turn of events in the cryptocurrency industry, a recent report revealed that Ethereum has surpassed Bitcoin in fee income in 2023 by an impressive 100%. The data was released on July 3 in the latest report from the analysis platform Lookonchain.
According to the data, Ethereum led the survey by recording $2.73 billion in fee income. Following closely behind was Bitcoin, which generated an amount of US$ 1.3 billion. The top three also included Tron Network, which registered almost US$460 million.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
SEC greenlights spot Bitcoin-Ethereum ETF; Details
Ethereum Annual Revenue Increases 100% Against Bitcoin