K33 Research: “ETH will outperform BTC”

Ether (ETH) seems to outperform Bitcoin (BTC) in September and October. Crypto market analytics firm K33 Research stated in its report on Tuesday that Ether will be bullish on a possible exchange-traded fund (ETF) listing.

The deadline for the US Securities and Exchange Commission (SEC) to make a decision on the first Ether ETF is October. It is quite possible that the commission will approve the product. This development could potentially increase the price of Ether. Vetle Lunde, senior analyst at K33, says Bitcoin has risen by over 60 percent in the three weeks prior to the launch of its first futures ETF.

“The odds look in favor of ETH.” Lunde describes this situation as a “strong relative buy” against Bitcoin: “The ratio of ETH and BTC is at 2.5-year lows. There is some movement towards a relatively upward movement.”

Bitcoin saw a lot of enthusiasm following asset management giant BlackRock’s ETF filing in June, and a number of asset managers, including Fidelity, applied soon after. Grayscale’s spot Bitcoin ETF victory over the SEC last week fueled belief that the product would be approved. However, excitement about the court decision quickly waned. Subsequently, the SEC postponed decision dates for applications filed by BlackRock and others. Bitcoin, which rose above $ 28 thousand with the result of the court, fell back to around $ 25 thousand. The cryptocurrency is trading at $25,745 at the time of this writing. Lunde said:

The market is underestimating the potential impact of the spot Bitcoin ETF. A spot ETF approval can create significant buying pressure on BTC, attracting massive inflows of money. In case of rejection, nothing changes.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.