The chief funding officer of crypto fund supervisor Bitwise is predicting new all-time highs for Ethereum (ETH) if spot ETH exchange-traded funds (ETFs) are in the end accredited.
Earlier this week, the U.S. Securities and Change Fee (SEC) accredited a rule change that units the stage for the potential inexperienced lighting of spot market Ethereum ETFs.
In a brand new interview on the Bankless podcast, Matt Hougan predicts investor inflows into ETH ETFs would whole billions of {dollars} and drive ETH past its all-time excessive of about $4,900, which it hit again in November 2021.
“I don’t assume Ethereum ETFs will match Bitcoin ETFs. However I do assume it will likely be measured when it comes to many billions of {dollars}…
Will or not it’s sufficient to drive Ethereum to new all-time highs? I positively assume that’s doable as nicely. If Bitcoin ETFs did $12 billion of their first 4 months, I believe Ethereum ETFs will do lower than half of that however greater than 1 / 4 of that. And that’s going to be fairly vital. Bear in mind, that’s in opposition to a market with no internet new provide. So I believe there may be actual demand.”
Hougan believes that ETFs with publicity to a number of digital property may also launch sooner or later and investor demand will exist for the differing types.
“I believe if you concentrate on the ETF investor market if I needed to put numbers on it a yr from now, I believe you’ll have 30% of the market that’s Bitcoin solely, you’ll have like 50% of the market that’s a mixture, you’ll have 20% of the market that’s ETH solely…
{Many professional} buyers wanting on the crypto market are in search of form of tech alpha. They’re in search of that high-returning asset. Ethereum suits properly into that dialogue. So I believe you’ll see all three. And I believe the market as an entire will profit from there being a number of crypto asset ETFs if that’s what we get. It makes the market really feel extra sturdy, extra actual. There’s extra to speak about. I believe it’ll be a internet optimistic. These are going to be vital.”
Ethereum is buying and selling for $3,736 at time of writing, down greater than 1% within the final 24 hours.
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