Published on juli 16, 2024, 12:41 am
Image source: Fox News
```json [ { "TLDR": "Bloomberg analyst predicts Ethereum ETFs to launch in the US by July 23, potentially outperforming Bitcoin. Ether's price ratio has increased post-SEC approval, leading to low market depth and a possible supply shock. Expected $10 billion inflows with monthly $1 billion once ETFs launch. Debate continues on whether ETH should be classified as a commodity or security." } ] ```
An exciting development in the world of cryptocurrency is on the horizon as Bloomberg analyst Eric Balchunas predicts that Ethereum Exchange-Traded Funds (ETFs) may launch in the United States by July 23. This launch is highly anticipated and could mark a significant moment in crypto history.
A recent Kaiko report suggests that Ether, the native cryptocurrency of the Ethereum network, could potentially outperform Bitcoin once these ETFs are introduced. The report highlights the Ether to Bitcoin Price Ratio, a metric indicating how much Bitcoin is needed to purchase one Ether. Currently standing at 0.05, this ratio has increased from 0.045 since the Securities and Exchange Commission (SEC) approved spot Ether ETFs.
The report also points out Ether’s low market depth, a measure of liquidity in the market. With Ethereum Exchange Reserves hitting multi-year lows and institutional demand expected to rise with the launch of ETFs, there could be a potential supply shock driving prices higher.
Analysts like Eric Balchunas suggest that these spot Ethereum ETFs might launch sooner than expected, possibly by July 23. It is estimated that these ETFs could attract significant inflows of around $10 billion, with approximately $1 billion pouring in monthly.
The regulatory status of ETH has been under debate for some time, with discussions on whether it should be classified as a commodity or security. Recent statements from officials like Rostin Behnam from the Commodities Futures Trading Commission support the notion that ETH should be considered a commodity.
As we await further developments in the world of cryptocurrency and specifically Ethereum, all eyes will be on the potential launch of these groundbreaking ETFs, which could have far-reaching implications for both Ethereum and the broader crypto market.
Original article posted by Fox News
