ETHER SPOT ETF INFLOWS WILL PUSH ETH TO BEYOND $5K: BITWISE
Launch of spot ether ETFs in the U.S. will push the price of the crypto to all-time highs above $5,000, the report said.
Bitwise said money flowing into new ether spot ETFs will have a larger impact than it did for bitcoin.
Ether spot ETFs are expected to draw in $15 billion of net inflows in the first 18 months.
The launch of spot Ether (ETH) exchange-traded funds (ETFs) in the U.S., expected to occur next week, will push the price of the second largest cryptocurrency to all-time highs above $5,000, Bitwise said.
It may not happen immediately and price action may be choppy to start, due to money flowing out of the $11 billion Grayscale Ethereum Trust (ETHE), after it converts to an ETF, Bitwise chief investment officer Matt Hougan wrote in a report on Tuesday.
Still, “by year-end, I'm confident the new highs will be in,” Hougan wrote, “and if flows are stronger than many market commentators expect, the price could be much higher still.”
Bitwise notes that bitcoin (BTC) has risen about 25% since the launch of spot ETFs in the U.S. in January, and more than 110% since the market began pricing in a potential launch in October last year.
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