Ether’s Bitcoin Beating Rally Not Just Because of Potential ETF Approval: Bernstein
The amount of ether held on exchanges is at an all-time low of 11%, a sign that more of the cryptocurrency is being locked up for DeFi, the report said.
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The amount of ether held on exchanges is at an all-time low of 11%, a sign that more of the cryptocurrency is being locked up for DeFi, the report said.
Interest in ether bets rose significantly after the approval of spot bitcoin ETFs in January sparked optimism among ETH traders.
The U.S. SEC’s approval of multiple spot ETFs and the billions of dollars that have poured in since doesn’t make Bitcoin a good investment or a better means of payment, the central bankers said in a blog post.
A sudden trading volume on VanEck’s HODL product seemed “retail armyish,” one analyst said.
Bloomberg exchange-traded funds analyst Eric Balchunas noted a particular uptick in volume for HODL and BTCW.
Several traditional financial firms are vying for an ether exchange-traded fund in the U.S., a move that is boosting the token’s medium-term outlook.
Excluding Grayscale’s Bitcoin Trust, the bitcoin exchange-traded funds have accumulated over $11 billion worth of BTC a month after going live.
Spot bitcoin ETFs have amassed more than 192,000 bitcoin in holdings, as of Friday, since their launch nearly a month ago.
A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations.
GBTC has led bitcoin ETF volumes, mostly in outflows, since the products started trading in early January.