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The upcoming launch of Ethereum ETF is expected to generate less excitement and inflows compared to the well-established spot Bitcoin ETFs. According to Bloomberg senior ETF analyst Eric Balchunas, Ether ETFs may serve as mere “adjuncts” to Bitcoin ETFs.
Balchunas told Cointelegraph that Bitcoin’s simple quote as “digital gold” makes it more understandable and affordable for traditional retail than Ethereum, which functions more like a tech stock due to its quintessential decentralized finance (DeFi) ecosystem. He explained that he was made attractive.
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Expert Opinions on Ethereum ETF Launch
In some cases, the Ether ETF may underperform at its launch compared to the record-breaking Bitcoin ETF launch, while others remain optimistic about potential growth. We aim for the Ether ETF launch to significantly outperform the average ETF launch and potentially be in the top tier of ETF launches as an event,” said Ophelia Snyder, 21Shares founding date. However, Snyder also recommends improving expectations, noting that inflows into the Bitcoin ETF are extraordinarily high.
According to Dune data, US spot Bitcoin ETFs saw more than $701 million in Bitcoin inflows in the first week and more than $540 billion in the second week.
Timeline for Ethereum ETF Launch
Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the Ether ETF launch in the US on June 25 went smoothly. However, Gensler emphasized whether ETFs will be implemented before the November elections and that the continued existence of the process depends on all disclosures being made so that registration statements can be made effectively.
On May 23, the SEC filed eight ETF bidders 19b-4 filings and asset diversification Form S-1s, which are the final filings required of SEC parents before trading is currently underway. Some analysts predict the SEC could approve the funds as soon as the first week of July.
Market Impact and Expectations
Despite the cautious outlook for Ether ETFs, QCP Capital analysts remain positive on the derivatives market. They state that interest in Ether call options for September and December maturities continues, thus indicating an optimistic sentiment towards price increases. Analysts also note possible short-term unwinding in Bitcoin and Ether due to extremely skewed sets of announcements, and draw a strong recovery unlikely for Ether if Ethereum ETFs are approved.
Additionally, miners’ capitulation indicates a potential bottom in Bitcoin prices. A CryptoQuant report noted that there has been a significant decline in miners’ total daily revenues, indicating current price bottoms. This offering, along with the expected copying of Ether ETFs, could positively impact market dynamics.
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