Ethereum is gearing up for a strong comeback against Bitcoin this month, according to K33 Research. While Ethereum has lagged behind Bitcoin so far this year, it is expected to receive its first US-listed spot exchange-traded fund (ETF) in July. This development is anticipated to attract significant institutional demand for ETH.
On the other hand, Bitcoin holders are awaiting a massive distribution of 141,686 BTC (equivalent to $8.8 billion) from the now-defunct Bitcoin exchange Mt. Gox. This impending sell-off could put pressure on Bitcoin in the market, creating a challenging environment for the leading cryptocurrency.
K33 Research suggests that Ethereum ETFs will absorb a substantial portion of ETH in circulation within the first few months of their launch. Although the ETF debut may trigger a short-term “sell the news” event for ETH, the positive supply dynamics of Ethereum are expected to provide it with relative strength in the coming months.
The ETH/BTC ratio has experienced fluctuations recently, with positive sentiment returning to both cryptocurrencies, especially in the futures market. Bitcoin futures premiums on the Chicago Mercantile Exchange (CME) are back to trading in double digits, while the newly launched VolatilityShares 2x leveraged ETH ETF has garnered significant exposure within a short period.
The popularity of the new ETH ETF has contributed to pushing CME ETH open interest towards all-time highs, indicating strong interest from traders to make directional trades around ETH. However, the market outlook remains uncertain, with balanced bullish and bearish positioning as ETH ETF launches approach.
Overall, Ethereum is viewed as a promising investment opportunity, particularly with the upcoming ETF launches and positive market indicators. Investors are advised to keep an eye on market trends and developments to make informed decisions in the evolving cryptocurrency landscape.
This article was edited by Ryan Ozawa. The Benefits of Regular Exercise
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